Bad credit loan merchants targeted

The Government is to target loan sharks that prey on low-income consumers with tough new laws designed to clampdown on rogue practices.The proposals, announced in the Queen’s Speech on Tuesday, form part of Bill that will radically shake-up consumer credit laws in the UK as concern mounts about personal debt levels.Under the planned legislation, the Office of Fair Trading will be given new powers to fine rogue lenders. The only sanction open to the OFT under the current licensing regime is the