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UK: No market as ‘non-compliant’ as payday lenders, says OFT

By  |  June 27, 2013

The Office of Fair Trading has referred the UK’s payday lenders to the Competition Commission after describing the market as the most “non-compliant” the regulator has ever seen, say reports. The UK’s top-50 lenders have all violated laws in some way and, according to the OFT’s senior director of consumer credit David Fisher, the regulator has “found problems everywhere.” The referral means the Commission will now open a yearlong investigation into the market. The OFT assured reporters that the investigation will not be hampered once the two regulators are merged into the new Competition and Markets Authority.

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