The Financial Conduct Authority (FCA) has called for logbook lenders to “dramatically raise their standards” if they want to keep trading. According to research conducted between November and December 2013, the FCA found instances of “poor firm behaviour”, including “little or no affordability checks with some applicants encouraged to manipulate details of their income on application forms”. The FCA assumed responsibility for the regulation of logbook lenders on 1 April, as part of consumer credit. The research also found examples of lenders pressurising consumers to take a loan without applicants being informed of “cooling off” periods, applicable APR, or the consequences of missed repayments......Read more here