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StepChange Debt Charity response to CMA payday market review

24th February 2015

Following the release of the Competition and Markets Authority (CMA) review of the payday loan market, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:

“The payday lending industry has had its wings clipped.  CMA action combined with the work of the Financial Conduct Authority (FCA) means that a number of areas of consumer detriment and failures of the previous regulatory regime are now being addressed.

“There are, however, outstanding issues that now need attention.  Current rules do not adequately address the issue of unsolicited marketing calls. It is very wrong that people seeking a loan have their information sold on to the highest bidder. The resulting barrage of nuisance calls and texts offering high-risk credit products can lead to serious harm for financially vulnerable people. We need a ban on the unsolicited marketing of high-cost credit products such as payday loans.”

StepChange Debt Charity news contacts

Contact the the StepChange news team on:

Tel: 0207 391 4598

Mobile: 07985 404153

Email: press@stepchange.org

Follow our press team on Twitter: @StepChange

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

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.

*This is the average rating of our service on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016