Response to the Office of Fair Trading’s decision to revoke the consumer credit licence of online payday lender MCO Capital Limited

Which? executive director Richard Lloyd said:

“We’re pleased the Office of Fair Trading has shown it’s willing to take tough action to crack down on irresponsible lending and inadequate identity checks. We hope they continue to keep up the pressure on high-cost lenders who are exploiting consumers struggling in the current economic climate.

“Which? research has repeatedly found poor affordability checks and excessive charges are pushing consumers into a vicious cycle of debt. We want all the regulators involved to use their new powers to take strong, proactive action to clean up the whole of the consumer credit market.”

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