Payday lenders collapse owing massive compensation

Payday lenders collapse owing massive compensation

Hundreds of thousands of payday loan customers jointly owed £223 million in compensation from collapsed lenders Wage Day Advance and Juo have been told they will only receive a fraction of what they are owed. Borrowers who made complaints last year about being mis-sold were paid an average of £850. But both companies went into …

Regulators need to prove they protect consumers

Regulators need to prove they protect consumers

Britain’s spending watchdog has criticised four of the country’s top regjulators, saying they need to prove they are offering enough protection to the people who need it. In a new report the National Audit Office (NAO) has said that while the Financial Conduct Authority (FCA), Ofgem, Ofwat and Ofcom all understand the ‘significant difficulties’ faced …