August 2017

FCA cap on payday loans saves consumers £150 million per year

The Financial Conduct Authority (FCA) has published a report that claims that its regulation of high-cost short-term credit providers has delivered substantial benefits to customers

The organisation assessed the effectiveness of the payday loan price cap which it introduced in 2015. The review found that as well as saving borrowers money, the new rules meant that payday firms were much less likely to lend to customers who cannot afford to repay the loan.