StepChange Debt Charity response to FCA payday review
10th March 2015
Following the release of the Financial Conduct Authority’s review into the treatment of customers in arrears by payday lenders, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:
“Today’s findings come as little surprise to anyone who has dealt with the fallout of the payday lending industry’s bad practices in recent years. For too many payday loan firms the poor treatment of customers has been the basis of their business plan.
“Not only were these firms giving loans to people who could not afford them, they then then compounded borrowers’ problems by treating them badly when they fell into difficulty. When people experiencing financial problems are treated poorly by their lender it adds stress and anxiety to an already difficult situation and more often than not makes a bad financial situation even worse.
“We are starting to see signs of improvement in the payday sector, and we will continue to work with the FCA and the industry to ensure that borrowers get the protections that they need.”
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