Regulator plans crackdown on payday lenders’ debt collection March 11, 2014 PAYDAY lenders must be sensitive when collecting debts from borrowers who are struggling, the City watchdog warned today, saying those who are not will be pushed out of business. The Financial Conduct Authority takes over responsibility for regulating payday lenders on 1 April and said its first priority is reviewing debt collection practices. “One in three loans go [...]
FCA confirms new rules for payday lenders February 28, 2014 The Financial Conduct Authority (FCA) has this morning confirmed the new rules it's imposing on payday lenders and debt management companies. The rules respond to persistent calls from government and third sector groups to regulate the industry and drive out unscrupulous lenders. The clampdown on the consumer credit market, which is worth £200bn a year, [...]
MPs call for ban on payday loan ads on kids’ TV December 19, 2013 A COMMITTEE of MPs has called for a ban on payday loan adverts being shown during children’s TV shows. A report out today from the Business Innovation and Skills select committee warns that consumers are particularly likely to use payday loans and the high rates charged by lenders during Christmas time, as budgets are stretched [...]