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StepChange Debt Charity response to new FCA credit broking rules

1 December 2014

Following today’s announcement that the Financial Conduct Authority (FCA) has introduced new rules for credit brokers, Mike O’Connor, Chief Executive of StepChange Debt Charity said: 

“This will help fix a serious problem with the consumer credit market. For too long unscrupulous credit brokers have subjected borrowers to poor practices, including misleading people as to whether they are a lender or a broker, taking fees that a people are unaware of, and passing on individuals’ details to other firms and lenders.

“Ensuring greater transparency for consumers will address detriment in this market.  However, we remain concerned that brokers will still retain the ability to take upfront fees without ever delivering a loan, and we would urge the FCA to ban this practice.”

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Email: press@stepchange.org

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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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