StepChange Debt Charity welcomes FCA announcement on Continuous Payment Authority

28 June, 2013

In response to the Financial Conduct Authority’s announcement reminding banks of their obligations when cancelling Continuous Payment Authorities (CPAs), StepChange Debt Charity’s external affairs director Delroy Corinaldi said: 

“Today’s announcement is welcome news for consumers and the banks now need take the necessary steps to address this issue.

“The misuse of CPA by payday lenders and the difficulties consumers face in cancelling these payments has caused unnecessary distress for many of our clients.

“Ahead of Monday’s summit on payday loans, the industry would be well advised to take notice of today’s announcement. If the payday loan sector is serious about repairing its tarnished reputation, ensuring lenders are protecting consumers in relation to CPA would be an important step.”