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StepChange Debt Charity responds to Financial Conduct Authority (FCA) consumer credit rules

28 February, 2014

In response to the FCA’s final rules for the regulation of consumer credit, StepChange Debt Charity’s head of policy Peter Tutton said:

 “While today’s announcement is a welcome step in the right direction, we have concerns that the rules are not yet the complete package that will deliver the protections that consumers so desperately need. We continue to see problems related to irresponsible lending, spiralling debts and the unfair treatment of those in financial difficulty and it remains unclear as to whether these rules will truly fix these issues.”


“The rolling over of loans is widespread across the payday loan sector. We have specifically advocated limiting rollovers to one, and only in rare circumstances. Rolling over short term loans should be a clear indication to lenders that borrowers are in financial difficulty. By allowing two, there is a substantial risk that financially vulnerable consumers will be able to build up further unsustainable borrowing”.

Real-time data sharing

“Establishing a real-time data sharing regime must be at the heart of any strategy to fix the payday lending market. Such a system would ensure that lenders are fully aware of existing borrowers commitments and help prevent the problems associated with multiple loans. We call on the FCA to make a clear statement on this issue by the end of June.”

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