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Brand Brand New Report Details Sharp Boost In Complaints Against Cash Advance Businesses

The Financial Ombudsman provider, the UK’s official financial conduct watchdog, claims that more than 10,000 complaints had been lodged against pay day loan organizations between 2016 and 2017, a growth of 227per cent from 2015 to 2016 .

The sheer number of pay day loan complaints had been disclosed within the Financial Ombudsman Services’ yearly review for 2016-2017. They arrive despite tough brand brand brand new regulations presently and soon-to-be imposed on ‘high-cost short-term’ loan businesses by the Financial Conduct Authority (FCA). Complaints pertaining to PPI but topped the maps by amount once more this 12 months at nearly 170,000 recorded between 2016 and 2017.

Megan Webster, Policy and Communications Manager for the FOS, told DIGIT: “One of this biggest tales of the season may be the amount of people who’ve contacted us with issues about short-term credit and financial obligation including payday advances. Continue Reading…