Which? tagged posts

TRT World Roundtable with David Foster

Other studio guests: Rhiannon Evans–Young, Director and Co-founder of Crest Communications; Hussein Kanji, Co–founder of Hoxton Ventures and Kate Bevan, the Editor of Which? Computing.

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New FCA rules result in loan sharks losing their teeth to bite borrowers

loan sharksFrom Friday 2 January 2015, payday lenders are now required to be fairer and in many cases cheaper and have had lost the ability to inflict misery on their customers that struggle to pay.

As a result of the new rules introduced by the Financial Conduct Authority (FCA) that regulates the market, it’s estimated that more than 100 payday loan firms have been driven out of business – 30 have closed down and a further 70 have simply stopped offering these products, while 450 high-street payday loan shops have also closed according to media reports.

“The crackdown on the payday lending market comes not a moment too soon. Lenders must now start competing on price and treating their customers fairly,” says consumer-rights boss Richard Lloyd at Which?

New Rules

  • Lenders can’t charge more th...
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