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Regulator hails "significant" departures from lending market
Payday lenders are leaving the market after an investigation by the Office of Fair Trading (OFT). BBC Radio 4's You and Yours reported that some stopped lending voluntarily, but three had their licences revoked. The OFT's March inspection of 50 firms found widespread irresponsible lending. Two companies surrendered consumer credit licences. The Payday Loan Company said it left the market before the inspection, but Anfield Cheque Cashing Centre declined to comment. The investigation by the regulator uncovered "deep-rooted" problems in how the firms competed with each other, as well as evidence of widespread irresponsible lending. The biggest lenders were advised individually on areas of improvement and given until the end of this month to respond - or risk losing their licences.....Read more hereYou must be logged in to post a comment.
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