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Payday lenders could face advertising ban
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Payday lenders could face advertising ban
Payday loan companies could face tougher restrictions on where, and how, they are allowed to advertise. That is one of several options to be considered by the Financial Conduct Authority (FCA), following Monday's industry summit in Whitehall. Lenders, regulators, charities and government ministers all met to consider controls on payday lenders. Last week, the current regulator, the Office of Fair Trading, referred the issue to the Competition Commission. Meanwhile the FCA, which takes over regulation of the sector in April 2014, is to start a consultation exercise on tougher rules in September. "They now have to deal with a regulator with some real teeth," said Treasury minister Sajid Javid. "They are going to feel the hand of the regulator on their shoulder and they better get used to it," he said.....Read more hereTags: None
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