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
News
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
Guest blog: it’s all about the money
Are CDFIs missing a crucial point: “that the enterprises they fund are often rarely supported and enabled to appreciate and respect the minutiae of commercial financial management,” asks Lucy Haughey in this guest blog. Continue reading
Don Foster launches the Community Shares Unit at CDFA conference
Vince Cable at Community Finance > Forward Thinking
Business demand for community loans soars
New figures on business lending from community finance providers show they are lending to more businesses unable to access finance from banks than ever before – but demand outstripped supply by over seven times. Continue reading
Demand for Community Finance soars as ethical lenders take on the Wongas
04.10.2012 Enquiries to ethical ‘community finance’ providers have more than doubled in the last year as individuals seek routes out of high interest debt traps, according to new figures released by the CDFA today. Continue reading
£60m small business scheme launched by Regional Growth Fund
Business Secretary Vince Cable today launched a £60 million pot of Regional Growth Fund investment and bank finance at the Community Development Finance Association’s (CDFA) annual conference. Continue reading