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.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
Walker Morris looks at the immigration changes and what employers need to know.
The government has been consulting on broadening the scope of the Bolar exemption.
Analysis from The Lawyer
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.
New EU rules and lawyers’ increased comfort with digital formats are sparking a sea-change in the way law firms manage their documents