We aim to make our website as accessible as possible. However if you use a screen reader and require debt advice you may find it easier to phone us instead. Our phone number is 0 8 0 0 1 3 8 1 1 1 1. Freephone (including all mobiles).
StepChange Debt Charity logo

Free advice on problem debt
based on what's best for you

0800 138 1111 Freephone (including all mobiles)

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.”

Rollovers

“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.”

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 based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2016