FCA To Crack Down On British Payday Lenders

The FCA serves as a watchdog for U.K. consumers, regulating credit and keeping tabs on payday lenders. It plans to use a Continuous Payment Authority (CPA) to keep the number of times a lender can take money from a borrower’s account to two, and the number of times a loan can be rolled over to two as well. Every borrow whose loan rolls over will be told where they can get debt advice for free.

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For more on the FCA’s new U.K. regulation, click here.

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