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…
If you are registered and logged in to the site, click on the link below to read the rest of the Walker Morris briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
Why register to The Lawyer
More relevant to you
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
The boom, bust and claim cycle could soon be repeated, sparking a rise in surveyors’ negligence cases. What lessons can be learned?
Court will not tolerate opportunistic attempts to capitalise on another’s trivial breach.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.