FCA warns credit card companies over debt

FCA warns on cfredit card debt

Britain’s credit card companies have been warned about allowing customers to run up high debt balances while only making minimum repayments. The Financial Conduct Authority (FCA) has warned them to stop the lucrative practice and take active steps to do something about reducing debt levels.

Banks accused of fuelling UK debt binge

Banks accused over debt

Britain’s banks have been accused of luring families into going on a debt binge. A special investigation by the Daily Mail claims the high street banks are using a string of underhand tactics like offering credit cards with 40 month interest free balance transfer deals and relaxing customer affordability checks.

Over 1,400 credit companies quit under tough new FCA rules

Ovefr firms 1,400 closed

Over 1,400 credit companies have dropped out of the market place since the Financial Conduct Authority (FCA) started imposing tough new rules for the industry in April 2014. The FCA assumed responsibility for regulating the consumer finance sector on its formation two years ago, taking over from the Office of Fair Trading (OFT).

Debt charity wants action on credit card lending

action on credit card debt

A UK charity is demanding government action to curb long term credit card debt currently standing at £8.5 billion. StepChange is asking for regulators to step in and take action to help hundreds of thousands of people suffering from long term debt on their credit cards.

Payday lender to refund £15 million to customers

One of Britain’s biggest payday lenders is to refund £15.4 million to 147,000 of its customers. The refunds come after Dollar Financial UK – which trades as The Money Shop, Payday UK, Payday Express and Ladder Loans – reached an agreement with the Financial Conduct Authority (FCA), the UK’s financial regulator. Review The agreement followed …

Vulnerable borrowers being driven to loan sharks claim

Britain’s payday lenders have written to MPs claiming ‘severe restrictions’ on their industry is driving vulnerable borrowers into the hands of unscrupulous loan sharks. The lenders’ trade body – the Consumer Finance Association (CFA) – says new regulations have cut short term lending by 68% in two years and that 80% of loan applications have …

New MMR rules creating mortgage age discrimination

MMR affordability rules are creating age discrimination against older mortgage borrowers, claims the new Pensions Minister. Ros Altmann, appointed to her post in David Cameron’s post election Cabinet, says the discrimination is ‘wrong’ and ‘harsh.’