Been stung by a Parking fine? You may not have to pay!

The RAC have said that £££Millions in private parking penalties may have been charged illegally.

The RAC commissioned a report from barrister John de Waal QC, who said some parking companies were levying charges disproportionate to the losses suffered by landowners.

In England and Wales clamping, towing, blocking-in or immobilising a vehicle without lawful authority on private land was banned under The Protection of Freedoms Act 2012, in a bid to end abuses by rogue clamping firms.

And where parking signs were not clear or prominently displayed, the charge could be challenged on the grounds of unfairness.

Move over OFT, here comes the FCA…

A big shake up in the way the short term lending industry regulates its business is being introduced.  This is a very welcomed and positive move which has been well received within the industry.

As of 1st April 2014 the Office of Fair Trading (OFT) transfer its powers regarding Consumer Credit Firms to the Financial Conduct Authority (FCA).

All Credit Consumer businesses must apply for authorisation to continue with their activities to the FCA by April 2014.

The improved policies offer increased consumer protection and introduces a more regulatory approach with companies.  The benefits require companies to conduct their business with integrity, communicate clear information to the client and financial prudence to mention but a few.

Whilst not quite in place yet, the process will also apply to the majority of European Economic Area countries (EEA) who wish to conduct consumer credit activities within the UK.  Management presence in the UK for example will be required to comply with Threshold Conditions.

The main purpose for this new directive is to increase consumer protection and introduce a more regulatory approach with companies.

Change is not without its challenges and with those changes come several compliance and operational requirements which must be followed. The FCA have the authority to bring civil and criminal proceedings to those who do not adhere to the new directive which would have a major impact on one’s business and reputation.

Moving forward, the new regulations offer improved safeguards, compliance and structure formats for both client and lender.

Further information and more detailed benefits on the FCA can be found using the following link: –

April 2014 here we come.

We are now a member of the CCTA

Stop Go Networks (the company who operate Payday Pig) are now members of the CCTA (Consumer Credit Trade Association) – membership number CCTA983.

Becoming a member of the CCTA is more important now than it ever was, particularly in the current economic climate.  With the relentless barrage of new regulations and reforms that target the credit industry on a regular basis, the CCTA offer a strong lobby voice particularly for the stand alone business.

Following industry recognised Codes of Practice demonstrates our credibility and reliability to both customers and regulators.

In addition, the CCTA outline a Good Practice Customer Charter specifically relating to payday or short term loans. The charter includes carrying out appropriate assessments and credit vetting and explains in no nonsense terms to the customer, the type of information that was considered in reaching a decision.

The new directives will identify poor practice and give customers improved protection. Following through on these new rules will help eradicate malpractice and improve the reputation for the companies that do follow the charter.

Please click on the links below for further information and a detailed overview of the CCTA membership benefits.