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CfRC responds to FCA proposals to cap rent-to-own firms

The Centre for Responsible Credit ('CfRC') has welcomed today’s announcement from the Financial Conduct Authority ('FCA') that it intends to cap the cost of credit in the rent-to-own sector. However, we warn that the FCA’s proposals as they currently stand - although a small step in the right direction - will fail to deliver [...]

By |November 22nd, 2018|Categories: Blog|0 Comments

Wonga collapse: CfRC calls for Treasury Committee to launch an inquiry

The payday lender Wonga has collapsed under the weight of claims for rebates and/or compensation from its borrowers arising from the firm’s failure to ensure that people could afford to make repayments prior to making loans. The failure to conduct adequate affordability checks breached the Office of Fair Trading’s (‘OFT’) ‘Irresponsible Lending Guidance’ which [...]

By |September 4th, 2018|Categories: Blog|Tags: , , , , , , , , , |0 Comments
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