Cash advance agents susceptible to crisis action as regulator actions in

Cash advance agents susceptible to crisis action as regulator actions in

The cash advance agents charge a charge to get a loan, then share bank details with other businesses. Photograph: Alex Segre/Rex Features

The pay day loan agents charge a cost to locate a loan, then share bank details along with other organizations. Photograph: Alex Segre/Rex Features

Final modified on Thu 30 Nov 2017 04.09 GMT

The Financial Conduct Authority has had crisis action to tackle loan that is payday following a deluge of complaints over “blatantly unjust” techniques.

The agents are making as much as one million efforts a to raid the bank accounts of some of the poorest members of society month. The they charge a fee of £50 to £75, and then share the person’s bank details with as many as 200 other companies, which also attempt to charge the individual while promising to find a loan.

The economic regulator stated it had blocked seven pay day loan agents from dealing with home based business, with three lined up for further “enforcement action”.

The FCA stated the rules that are new come right into force on 2 January 2015, and would end having less clear home elevators the web sites currently luring individuals into having to pay costs without “informed consent”.

In a unique action, the FCA said the guidelines have been made without previous consultation it would take to consult “would be prejudicial to the interests of consumers” because it considered that the delay arising from the time. (més…)