The UK government faces growing pressure to toughen the rules on lenders charging a majority of customers higher interest rates than originally advertised. As outlined by the FCA, banks and other regulated lenders must offer rates as advertised, to at least 51% of their borrowers. This measure is intended to prevent people from accepting ‘attractive’…
The Financial Conduct Authority is introducing greater protections for retail clients by introducing a new consumer duty principle, aimed for firms providing and advising on products and services. In turn, this will increase the responsibility of firms to ensure consumers are provided with the products and services that are best fit for purpose and represent fair value. Firms are…
Subprime lender Amigo has announced that they will not be offering new loans until at least next year as they deal with an avalanche of customer complaints. The lender had originally paused lending after the Coronavirus crisis and has been struggling to deal with the volume of complaints they’ve been receiving. Amigo received 25,571 complaints…
Regulators have confirmed the new rights for borrowers with credit cards, overdrafts or other loans. Since the coronavirus pandemic began back in March, borrowers have had the right to take a payment holiday on overdrafts, credit cards and other debts however that right is set to end next month. Now though, the FCA have confirmed…
The Financial Conduct Authority (FCA) have issued a stark warning to high-cost lenders in regards to their re-lending practices. They have raised ‘significant concerns’ over the marketing practices used by high-cost lenders which they believe drive vulnerable borrowers into further debt. The warning comes after a review of 250,000 customers of the short-term, high-cost credit…