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Fca To Investigate High Cost Short Term Credit Industry - Latest News

Short term loans industry at risk of new compensation claims

This week, Jonathan Davidson of the Financial Conduct Authority ... financial burden lies. The high cost credit industry was once worth an estimated £2 billion in its prime in 2013, but recent studies ... read more

A crackdown on payday loans is saving people £150 million a year — overdraft fees could be next

The average cost ... FCA said. High-interest, short-term loans — dubbed "payday loans" as people often took them out to cover shortfalls until payday — boomed in the wake of the 2008 credit crisis. Th... read more

Loan sharks could bite consumers after Wonga collapse

... cost more than many high cost credit loans, so short term credit products like Wonga provided the financial breathing space consumers required. "A strong consumer lobby and political muscle produc... read more

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Clouds On The Horizon For The Investment Grade Credit Market In 2019

Adding fuel to that fire was a U.S. Federal Reserve that was believed to be on autopilot with regards to increasing short-term interest ... the finance industry portion of the credit index ... read more

Wonga’s collapse and what it means for the people who rely on payday loans

Wonga, the poster-boy of the British payday lending industry, has gone into administration ... A price cap that was introduced by the Financial Conduct Authority (FCA) regulator in 2015 on high-cost, ... read more

Wonga to pay 2.6 million pounds compensation for fake legal letters

The FCA, which took over responsibility for consumer credit in April, has been cracking down on the industry to tackle the way cash-strapped consumers are treated when they struggle to repay loans. On... read more

Unbolted Launches as Challenger Brand to UK’s “Out-Dated” Pawn and Secured Lending Industry with New Peer-to-Peer Online Offering

LONDON--(BUSINESS WIRE)--The UK’s pawn industry and short-term secured credit market is set for “a shake ... lending platform that lets consumers use their high-value personal assets to access low-cos... read more

Hidden in plain sight: Ending the overdraft debt trap

Overdrafts are designed to be used as a form of emergency or short term credit, used for example ... That means overdraft fees sit firmly in the high cost credit market segment. Unsurprisingly, the FC... read more

Senate Republicans cave in to payday-lending industry

Of course, the industry would like the legislation to simply disappear ... 1 million Ohioans have taken out a payday loan at some point, using the short-term, high-cost credit available to those who n... read more

City watchdog to rein in rent-to-own sector with price cap

Industry sources ... the UK's biggest short-term lender, plunging into insolvency during the summer. Andrew Bailey, the FCA chief executive, said in May in the introduction to a wider review of high-c... read more

Wonga Crashes To £35m Loss After Torrid Year

The figures will underline the scale of the challenge confronting Wonga as it attempts to secure approval from the City regulator for a new licence as part of a broader overhaul of the industry. The F... read more

Federal Government Changes Make Equifax A Buy

The Enforcement Division of the FCA has opened an investigation ... There is really no long term risk to its core credit reporting business. Companies just don't really have the option of opting out o... read more

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