Comments on Payday Loan Summit

On the 1st July commenting on the Payday Loan Summit, the Chief Executive of the Consumer Finance Association (CFA), Russell Hamblin-Boone, had this to say “The summit was a constructive meeting and it was helpful to once again hear the opinions and suggestions of the government, regulators, consumer groups and debt charities. There are some things we can look at incorporating into our Code of Practice ahead of formal regulation under the Financial Conduct Authority, such as additional measures on advertising and marketing.”

Hamblin-Boone also commented that “Evidence shows that our tough approach to self-regulation is making a positive difference to consumers and the independent compliance regime that we have put in place will ensure our members are meeting the standards we set.”

The Consumer Finance Association represents the major short-term lenders operating in the United Kingdom.