OFT publishes final report on the Payday Lending Compliance Review
The headline from the Office of Fair Trading’s (OFT) Final Report (the Report) on the Payday Lending Compliance Review is that the OFT has found a widespread lack of compliance on the part of licensed businesses.
The key areas where compliance issues have been identified include:
- lenders failing to conduct adequate assessments of affordability before lending or before rolling over loans
- lenders failing to explain adequately how payments will be collected
- non-compliant advertising (including lenders’ websites)
- using aggressive debt collection practices
- not treating borrowers in financial difficulty with forbearance…
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