but debt advisers say it 'falls far short'

A new customer charter published by the payday lending industry has come under fire from critics who say it hasn’t gone far enough. The charter, which was drawn up by the four main trade associations for payday and short term lenders, represents over 100 companies – including big names like Wonga – and around 90 per cent of the total market. It launches a new set of commitments to raise standards and improve customer services, but consumer organisations have accused the charter of not going far enough. The charter fills a commitment made by the associations to the Consumer Affairs Minister Norman Lamb MP on 24 May, and by 26 November it will be available to consumers on lender’s websites and in-store where they have high street branches.

The code is voluntary, but lenders who breach it could face expulsion from their association. Speaking on behalf of all of the trade associations, Caroline Walton, President of the Consumer Finance Association, said: ‘This is an important step towards making short term lending more transparent and setting the highest standards for our customers’.....Read more here: cardsloans Critics-hit-payday-loan-customer-charter-falls-far-short-expectations