StepChange Debt Charity welcomes new payday lending board

13 May, 2013

In response to the Consumer Finance Association’s (CFA) announcement on the establishment of the Short-term Lending Compliance Board (SLCB), StepChange Debt Charity’s director of external affairs Delroy Corinaldi said: 

“The CFA’s decision to establish an independent compliance and monitoring body is welcome and represents a positive step forward in addressing the widespread problems identified by the Office of Fair Trading (OFT) that exist within in the payday lending sector.

“The CFA has sent a strong message to lenders that they must improve their practices or else face serious sanctions. The SLCB must show that it is prepared to back up these words by taking decisive action against lenders that fail to comply with industry codes of practice”.