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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

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

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

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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


Wonga payday loans collapse shows extent of UK poverty

Under Financial Conduct Authority (FCA) regulations, they are now able to make compensation claims on the basis that payday lenders failed in their duty of care to check that borrowers could afford th... 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

Wonga: The controversial payday lender which rode crest of an industry wave

After coming under the FCA’s supervision ... customers across the industry have seen the fees and interest they pay capped, amid moves by regulators to stop such debts spiralling out of control. For a... 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

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

Wonga on brink of collapse after customer compensation claims deluge

Wonga, which launched in 2007 and became a byword for sky-high interest rates on short-term loans, is owned by a collection of the venture capital industry's ... in 2014 when the FCA introduced a cap ... read more

Santander Consumer: A 9-Month Review

Cost of funding is raising uncontrollably as interest on RICs is dropping. Finally, we discuss executive shakeups, a near-term catalyst and ... securitizes the higher quality credit, SC is also theref... read more



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