April 2014: The FCA takes over regulation and lay down new rules for payday lenders

Nine months ago the Financial Conduct Authority (FCA) took over the regulation of the consumer financial credit market from the Office of Fair Trading (OFT). One of the big issues that they decided to deal with first was to reorganise the lenders offering ‘High-Cost Short Term Credit’, payday lenders included. The new rules for payday […]

It is March 2015; the problems should be sorted out, but the payday lenders are still being harassed

The FCA (Financial Conduct Authority) is still complaining that customers in arrears are still not being treated fairly by payday lenders. The particular regulator that took over from the CMA (Competition Markets Authority) in early 2014 alleges that it has found: “Serious non-compliance and unfair practices” in all the lending companies that they examined. As part […]

Since January 2015 the cap is on, and perhaps we start to say goodbye to payday – what now?

As the Financial Conduct Authority (FCA), Ombudsman, and Competition Markets Authority (CMA) took it between them to cap the payday industry, few legitimate payday companies have survived. Reminiscent of the old medieval torture the screw are being tightened once again. The CMA is now demanding that payday lenders provide competitive information to their customers on […]

Nobody wants to end Payday debt misery more than the bonafide payday companies themselves.

The largest payday lending corporations, some even international payday lenders, have been the first to cooperate with the new regulations that were introduced in January of 2015. These firms are legitimate financial institutions and beg to operate in the same way as other financial institutions. The only difference between them is solely that the payday […]

Payday loans in Scotland: Exploited employees often have no choice but to take out a payday loan

It is now impossible for a Scottish citizen to challenge their boss. Since fees for Employment Tribunals have been introduced for those Scots who have problems at work and need mediation, the number of complaints has fallen by 81%. Where once it was free of charge to challenge one’s employer before the Employment Tribunal, it […]