Results for Payday lenders tag

Which? executive director, Richard Lloyd, said: “It’s absolutely right that payday loan customers are compensated for such poor practices. The Financial Conduct Authority must keep the pressure up to ensure borrowers in difficulty are treated fairly and protected from falling further into a spiral of debt. As well as keeping the price cap under review, the […]

Which? executive director, Richard Lloyd, said: “This is yet further evidence that payday lenders are failing some of the most vulnerable consumers. The regulator must continue to take action to ensure that borrowers in difficulty are treated fairly and protected from falling further into a spiral of debt. “We also want the FCA to keep the level of […]

As the new payday rules come into effect today, Which? takes a look at the payday market and calls on the regulator to now turn the spotlight on the wider credit market. Our snapshot research looked at the cost of borrowing £100 for 30 days from a payday lender two weeks before the price cap came […]

In response to Wonga’s evidence to the Treasury Select Committee today that they have sent only 27,000 letters to the 45,000 customers who were affected by their fake legal letters, Richard Lloyd said: “Wonga must justify why they have failed to send compensation letters to all customers affected by their fake legal letters, and they […]

Appearing at the Treasury Select Committee today Which? executive director Richard Lloyd said the regulator must look at the behaviour of more mainstream credit providers and how consumers are led to the most extreme and expensive forms of credit. Speaking on the treatment of financial services consumers, Richard Lloyd said: “The Financial Conduct Authority hasn’t yet taken […]

In response to the Financial Conduct Authority’s announcement on payday lenders Which? executive director, Richard Lloyd, said: “Today the regulator offers hope for millions of borrowers stuck in a cycle of debt, by confirming their plans to rein in the cost of payday loans and crackdown on excessive default charges. “In the meantime the FCA […]

Which? executive director, Richard Lloyd, said: “These proposals, alongside other reforms to the payday market,  will be good news for millions of borrowers but information alone will not be the answer to the bad practices found across the credit market. “More must be done to put consumers firmly in control of their borrowing, starting with the […]

In response to the Financial Conduct Authority’s announcement on payday lenders Which? executive director, Richard Lloyd, said: “It’s good to see the regulator tackling the eye-watering cost of payday loans, especially the excessive default charges that sting struggling borrowers and lead them into spiralling debt. “Payday lenders have been running wild for too long and […]

Richard Lloyd, Which? executive director said: “We welcome the promised tough new approach from the Financial Conduct Authority to cleaning up the credit market. “It must now clamp down on excessive fees and charges, starting with default fees charged by some payday lenders, to show it is serious about getting a fairer deal for borrowers.” Notes to Editors Which? […]

Richard Lloyd, Which? executive director said: “The payday market is dogged by poor practice and we know borrowers in difficulty are not always treated fairly. This review is another encouraging sign the FCA is showing it means business and won’t tolerate unscrupulous lenders. “We’d like to see a ban on excessive fees and charges when borrowers […]