Clamp down on payday lenders

Britain's biggest payday lenders have been threatened with being put out of business after a damning report by the Office of Fair Trading uncovered evidence of "widespread irresponsible lending".

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Payday loan industry: 'We recognise there are concerns'

Responding to the Office of Fair Trading’s final report following its review of the payday lending sector, the Consumer Finance Association said:

This is the end of a year long review and we will take time to review the issues that have been raised.

We recognise there are concerns about the industry however these reports are a snapshot in time and work is already underway.

Since the industry was investigated last year we have introduced a series of safeguards to ensure that our members are dealing with customers responsibly.

From credit checking all new applications, to limiting loan rollovers and providing help for those who get into financial difficulty, we have raised standards all the way through the loan process.

We go far beyond the legal requirements but if the Government wants us to do more, we will consider its proposals.

– Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association

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