Tuesday 15 June
The Office of Fair Trading (OFT) has today published the final report of its review of the £7.5 billion high-cost credit sector, which includes doorstep lenders, pawnbrokers and pay day loan companies. It found that although these markets are ‘working reasonably well’, the OFT has concerns over lack of choice for consumers and little competition between providers, resulting in high prices. The OFT also concluded that its own ability to drive change in the market is limited, given the deep seated nature of issues such as weaknesses in financial capability of home credit customers.
See the full report at www.oft.gov.uk/OFTwork/credit/review-high-cost-consumer-credit/
Read the cdfa consultation response here