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

With the Fall of Wonga, a New Era for High-Cost Credit

The FCA has said that changing the company culture of businesses in the high-cost credit industry ... companies focused on short-term gains in the next quarter. The business model is simply not ... read more

Quarter of payday lenders may quit under tougher rules

The Financial Conduct Authority (FCA) is to investigate the way ... over regulation of the consumer credit sector on 1 April. It has already outlined several other plans to toughen regulation in the ... read more

MP wants Vanquis Bank owner Provident investigated

The 139-year-old company sells high-cost credit ... short-term loan." Ms Reeves said she welcomed the ASA's ruling but that it "goes nowhere near far enough in tackling this kind of grossly ... read more

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Regulator to investigate payday loan industry

In the past three years, the payday loan industry has ballooned from £900m to around £2.2bn according to the OFT, which began conducting its review in early 2012. Instead of highlighting the high cost ... read more

FCA to investigate bank overdraft and loan fees

The Financial Conduct Authority (FCA) announced it would include overdraft fees in a review into high interest loans in its response to the Competition and Markets Authority’s two-year investigation . ... read more

People living in ML postcode take out the biggest payday loans in Scotland

The ML postcode has Scotland’s biggest payday loans per head of population according to figures from the Financial Conduct Authority. Last year the equivalent of £23.87 was borrowed for every resident ... 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. ... read more

FCA considers tighter curbs on high-cost consumer credit

The UK financial watchdog has piled pressure on doorstep lenders and rent-to-own companies as it considers whether ... of the subprime credit industry. The Financial Conduct Authority said it had ... read more

FCA denies plans to end payday loan price cap

Quick Loans said it is "industry common knowledge" that the ... cap being introduced 800,000 fewer people took out a high-cost-short-term credit when compared to a year previously, according to FCA ... 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 ... read more

Half of all payday lenders could be 'taken out of the market'

On Tuesday, the Financial Conduct Authority (FCA) took over regulation of 50,000 consumer credit firms, from credit card providers to lenders offering high-cost short-term borrowing on ... making up ... read more

Payday loan charges cap announced by FCA

The £2.8bn industry ... a responsible short-term credit market. A vital part of this is greater choice. High Street banks should seize the opportunity to meet demand and offer their customers a better ... read more

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