The Office of Fair Trading has imposed requirements on Reset Finance Ltd after investigating the company’s ‘lead-generating’ websites. The action, taken to ensure Reset complies with the credit advertising regulations, means that any future credit advertisements must comply fully with the Consumer Credit (Advertisements) Regulations 2004.

The OFT monitored the websites, that advertise products including subprime credit and ultimately introduce borrowers to lenders.  A number of issues were found that the OFT considered to be breaching the regulations. In the future, the OFT has held that Reset’s advertisements must:

• include the Typical Annual Percentage Rate (typical APR) in circumstances where this must be legally stated
• ensure that the typical APR is given greater prominence than certain other information in the advertisements, and
• clearly state whether security for the loan may comprise a mortgage or charge on the debtor's home.

Reset has fully co-operated with the OFT during its investigation.