The Office of Fair Trading says it will revoke the credit licence of First Step Finance Limited, which claims to offer "a complete solution to debt problems".
The watchdog ruled that the firm lacked integrity and misled consumers by not warning that they risked getting further into debt. It also failed to properly explain how its service operated and the costs involved.
"People in debt are often vulnerable and are entitled to expect the highest levels of integrity and transparency from debt management businesses," said David Fisher, OFT director of Consumer Credit.
"First Step Finance did not meet the OFT's exacting standards or its legal obligations so we are removing their licence."
The firm, run by 49-year-old Christine Whitehurst of Stockport, Cheshire, says that it will appeal against the decision. It is allowed to keep its licence until the end of an appeal process.
Update: Ahmad Butt of First Step Finance says that previous "historic issues" have been resolved and confirmed that the company will appeal against its licence being revoked, saying: "We strongly disagree with the decision and the adjudicator's justification for his conclusions".
Source: http://blogs.mirror.co.uk/investigations/2012/11/first-step-finance-is-dead-man.html
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