For good reason payday lending has been subject to considerable scrutiny, but there’s another problem to solve: that of broker firms selling credit applications to the highest bidding lenders
But it could be just the tip of the iceberg, says Financial Ombudsman Service.
If the regulator had been firmer before then some borrowers might not have been treated unfairly.
Householders are still relying on the most expensive types of loan, new figures suggest.
Former chief City regulator Hector Sants has introduced a national network of churches, communities and credit unions as an alternative to payday lenders.
A new report by the Children’s Society highlights the damage being done to children by debt.
Debt, rather than earnings, is being used to cover living costs, writes Carl Packman.
It’s no longer fair for consumers to bear the large, usurious costs associated with loose regulation.
Encouraging the FCA to be even more tougher with the industry is of vital importance.