Payday advances complaints increase 22% despite FCA clampdown

Payday advances complaints increase 22% despite FCA clampdown

Ombudsman claims it is currently getting about 200 such complaints per week, but PPI continues to be the worst offender

The Financial Conduct Authority started policing payday loan providers in April 2014, but complaints continue to be increasing. Photograph: John Giles/PA

The Financial Conduct Authority started policing lenders that are payday April 2014, but complaints remain increasing. Photograph: John Giles/PA

Complaints to your ombudsman that is financial pay day loans have actually increased to almost 200 per week – and never all those experiencing issues fundamentally fit the image of low-income borrowers counting on short-term loans to obtain by.

Throughout the last half of 2016 the Financial Ombudsman provider received 5,095 brand brand brand new lending that is payday, up 22% regarding the very first 6 months of the season.