How will the FCA affect You?

From the 1st April the FCA (Financial Conduct Authority) took over the duties of regulating the credit industry from the OFT. In this remit they have a lot more powers than the FCA and are already making changes. Some firms have already had their consumer credit licences taken away, while others have surrendered their’s voluntarily.

Their objective is to make the high-cost credit industry consumer focused. Already we have had to modify our website to add warnings regarding the cost of credit. And our lenders are increasingly asking us to collect more information, for example we now ask for more details about your monthly expenditure, and we will soon be asking for more details. Whilst we realise this can appear burdensome, the objective is to both encourage consumers to think about how they spend their money and whether they can afford a loan, as well as helping lenders assess affordability of a loan.

At Payday Pig we are also planning changes which will make us more consumer facing. More to be announced…