CDFA has welcomed a Government commitment to amend the Financial Services Bill which will give the new financial regulator the power to cap interest rates on payday loans. Continue reading
Archives for November 2012
Month: November 2012
OFT warns payday lenders they could be shut down if they don’t clean up their act
The Office for Fair Trading has said that most of the 50 major payday lenders it has scrutinised since launching an investigation earlier this year failed to comply with legal obligations and expected standards. The OFT told the 50 biggest firms that they may face enforcement action, which could mean putting them out of business. The regulator has also warned the UK’s 240 payday firms about growing evidence of poor practices in the sector. Continue reading
Government commits to disclosure of ‘postcode level’ lending data
The Government has made a commitment to collate and publish bank lending data on a postcode-level basis – and says legislation will follow if “negotiations with industry fail to deliver.” Continue reading
One in four 18-24 year olds likely to seek a payday loan
The number of British adults who say they are likely to seek a payday loan in the next six months has risen from 3.5 million individuals to 5 million since this time last year, with 26% of the 18-24 age group likely to do so. Continue reading
BBC Wales discovers community finance
BBC Radio Wales recently reported from the Alternative finance for Welsh micro businesses conference. The Wales at Work programme featured the CDFA’s Harry Glavan talking about community finance and the role of CDFIs in meeting the demand for credit. Continue reading