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Online lender Wonga has agreed with the need for tighter controls in the payday lending sector to “stamp out” the worst practices, in response to the Office of Fair Trading’s (OFT) report. The firm stated that it has not yet received any “specific information” from the regulator about where it should make improvements to its business but said that when it does it will respond promptly and “bring about the necessary changes”. In the statement on its Open Wonga website, the firm welcomed the OFT’s report but claimed that a wider review of short-term credit to include bank overdrafts and credit cards would have been better for the consumer....Read more here
OFT News Yesterday, AAD Blog: OFT acts against leading payday lenders - allaboutFORUMS
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