In 2015 the Financial Conduct Authority (FCA) started managing the customer credit industry

In 2015 the Financial Conduct Authority (FCA) started managing the customer credit industry

including high-cost credit. As a result, organizations offering pay day loans, short-term loans, money till payday advances, bad credit loans and online loans who were formerly registered with workplace of Fair Trading had to submit an application for a license when they “wished to carry on carrying in managed credit activity”.

This is done to make certain clients had been being addressed fairly, that loans are not being offered irresponsibly also to guarantee clients are not caught in a spiral of debt by presenting an amount limit. Continue reading “In 2015 the Financial Conduct Authority (FCA) started managing the customer credit industry”