Falcon & Pointer, based in Swansea, ignored repeated warnings from the CMR and Information Commissioner’s Office over its marketing practices and made a staggering 40 million cold calls in just three months.
The firm coerced people into signing contracts before they’d had a chance to fully understand the terms and conditions, according to the CMR.
The regulator described Falcon & Pointer’s practices as a “serious breach” of the rules.
"Falcon & Pointer has demonstrated the worst excesses of the industry," said Kevin Rousell, head of the CMR.
"This firm clearly set out to plague the public and rip off consumers."
"They ignored warnings by us and the Information Commissioner's Office, and today have had their licence revoked as a result of that wilful ignorance." he said.
This week, the Government promised to crack down on nuisance calls by making it illegal for companies to cold call consumers using hidden or false numbers, with fines of up to £500,000 imposed on those that don’t comply.
It is hoped that these new rules will make it easier for consumers to ignore unwanted calls, as well as helping regulators to investigate firms who break the rules.