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Results for Payday lenders tag

July 2015

“It’s absolutely right that payday loan customers are compensated for such poor practices” – Which? response to Cash Genie providing £20 million redress to customers for unfair practices

27 July 2015

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 […]

Statement: Payday lenders, Payday loans, Personal Finance

March 2015

“Further evidence that payday lenders are failing some of the most vulnerable consumers” – our response to the FCA’s announcement on payday lenders’ debt collection practices

10 March 2015

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 […]

Statement: Payday lenders, Payday loans

January 2015

Time to turn the spotlight on the wider credit market

2 January 2015

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 […]

Press Release: credit, Money, Payday lenders, Payday loans, Personal Finance

November 2014

“Wonga must justify why they have failed to send compensation letters”- our response to Wonga’s evidence to the Treasury Select Committee today

18 November 2014

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 […]

Statement: Banking, credit, government, Money, Payday lenders, Personal Finance, Which?

Payday not the only problem

18 November 2014

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 […]

Press Release: Banking, credit, government, Money, Payday lenders, Personal Finance, Which?

“Hope for millions of borrowers stuck in a cycle of debt” – Which? response to the FCA announcement on a price cap for payday lenders

11 November 2014

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 […]

Statement: Payday lenders, Payday loans, Personal Finance

October 2014

‘Good news for millions of borrowers but information alone will not be the answer’ – Which? response to the Competition and Markets Authority’s payday loan proposals

9 October 2014

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 […]

Statement: Consumer, credit, Money, Payday lenders, Payday loans, Which?

July 2014

“Payday lenders have been running wild for too long” – Which? response to the FCA announcement on a price cap for payday lenders

15 July 2014

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 […]

Statement: Financial Conduct Authority, Money, Payday lenders, Payday loans, Personal Finance

April 2014

Response to Financial Conduct Authority taking over responsibility for consumer credit

1 April 2014

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? […]

Statement: Banks, Consumer, credit, Financial services, Money, Payday lenders, Payday loans, Personal Finance, Which?

March 2014

Which? response to Financial Conduct Authority payday lenders debt collection review

12 March 2014

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 […]

Statement: Consumer, credit, customers, Payday lenders, Payday loans, Personal Finance, Which?

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