Watchdog warns UK high-cost lenders about exploitation
Financial Conduct Authority demands improved practices as companies restart lending
The UK’s financial watchdog has warned high-cost lenders about irresponsible repeat lending and exploitative marketing that risks pushing vulnerable borrowers into a cycle of debt.
The Financial Conduct Authority warnings follow a review of the high-cost, short-term credit industry that involved the borrowing history of 250,000 customers who had taken out payday loans, guarantor loans, doorstep credit or rent-to-own products.
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