FCA to act on the Payday Loan Rip-off

The Financial Conduct Authority (FCA) is to take significant steps to regulate the legal loan sharks of the payday lending industry.

Through the autumn, Church Action on Poverty supporters mounted a major campaign to persuade MPs and the FCA to adopt our Charter to Stop the Payday Loan Rip-off.

On 8 January, we received a letter in response from Martin Wheatley, Chief Executive of the FCA. He outlines what actions they propose to take, responding specifically to each point our supporters have raised.

Mr Wheatley asked us to share his response with our supporters. You can click here to download his letter in full, or read it below:

We would like to thank everyone who supported this campaign action. You have helped to make a real difference for the thousands of people on low incomes who are currently being exploited by rip-off lenders.

Church Action On Poverty, Unit 28 Sandpiper Court, Water’s Edge Business Park, Modwen Road, Salford M5 3EZ

Telephone 0161 872 9294 or email info@church-poverty.org.uk

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