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StepChange Debt Charity response to £34m payday loan redress scheme

19 September 2016

In response to today’s Financial Conduct Authority (FCA) announcement of a £34m consumer redress scheme for more than 97,000 customers of CFO Lending, our Chief Executive, Mike O’Connor, said:

“This case highlights the importance of a strong regulator prepared to step in and take decisive action against firms that break the rules. We need a powerful FCA to defend consumer interests and look out for vulnerable consumers and it is good to see this in action.

“The regulations on payday loans are making a difference and the amount of people we see with payday loans has been falling, but there is more work to do across all forms of consumer credit to ensure that everyone is protected from the damage that poor practice and harmful products can cause.”

More information about the redress scheme is available on the FCA website.

Notes to editors

1. CFO Lending has been trading as trading as Payday First, Flexible First, Money Resolve, Paycfo, Payday Advance and Payday Credit.

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Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

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© StepChange Debt Charity 2016