UK Notes

New stricter rules announced for payday lenders

Tue 01 Apr 2014
By Administrator User

Payday lenders will be subject to strict new rules from today preventing them from preying on vulnerable borrowers.

Payday lenders will be subject to strict new rules from today preventing them from preying on vulnerable borrowers.

They're now being regulated by the Financial Conduct Authority instead of the Office of Fair Trading.

David Barclay from the Contextual Theology Centre, who's campaigned against exploitative lending's told Premier's Des Busteed on the News Hour why he thinks it's a good day for borrowers.

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