The following letter was published in the Times today (4 December):
Sir, Yesterday was the closing date for the Financial Conduct Authority’s (FCA) consultation on tightening up consumer credit regulation. We write to urge the FCA to take robust action to prevent payday companies lending irresponsibly to people on low incomes. Payday and other high-cost lenders are creating a tidal wave of misery by lending money to people who cannot afford the repayments, trapping them in a cycle of debt and poverty. At a time when many people are really feeling the pinch, irresponsible lending risks pushing them over the edge, and causing serious and long-term damage to their finances, families and health.
Irresponsible lending practices also risk further undermining the roll-out of exacerbating hardship under Universal Credit…
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