StepChange Debt Charity response to £15.4m payday lender consumer redress scheme

26 October 2015

In response to today’s Financial Conduct Authority (FCA) announcement of a £15.4m consumer redress scheme for customers of Dollar Financial UK, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“Continuing action by the FCA to fix the payday lending market is welcome and I expect this will not be the last time we see action to redress losses to consumers.”

“While the number of people coming to us with payday loan debt problems is falling, we continue to see problems with unaffordable lending and people struggling with multiple loans.

“We need better forms of credit to help people when they need it, better precautionary savings measures to help households build financial resilience and better protections for people when they fall into difficulty.”