Critical Payday Loan Report from the Business, Innovation and Skills Committee - 7.3.2012

[toptrapper]

http://www.publications.parliament.uk/pa/cm201012/cmselect/cmbis/1649/164902.htm]]

 

More independent criticism of the Payday Loan industry, this time from BIS, government appointed committee.

 

Highlights -

 

Payday lenders should be forced to limit the rolling over of loans,

Stop allowing customers to switch from one lender to another,

share information about their customers with other lenders,

 

 

The report describes the payday lending and debt management industry as opaque and poorly regulated – (take note Mr Lamidey and your tinpot trade body the CFA. ) Report also recommends that the government should outline a timetable within six months for deciding whether control of consumer credit will be transferred from the Office of Fair Trading (OFT) to the new regulator Financial Conduct Authority (FCA)

 

The committee has called for a fast-track procedure introduced to suspend credit licences where businesses have failed to adhere to the rules. It also said higher licencing fees should be put in place for higher risk credit businesses, and the regulator should also be given the power to ban harmful products.

 

More information in a summarised format here

 

http://www.guardian.co.uk/money/2012/mar/07/call-tighter-controls-payday-lenders

 

 

 

[victoria_siempre]

Hi top

 

Also

 

http://www.credittoday.co.uk/article/13601/online-news/bis-committee-publishes-debt-management-report-

 

witch I always read with my soft boiled Egg.

 

love

 

vic