Uncle Buck Comments on Financial Conduct Authority's New Broker Rules
The FCA recently published a policy statement, without prior consultation, on credit brokering and fees, mandating new rules from 2 January 2015. Although the rules are applicable in the main to those brokers charging upfront fees to consumers, some rules apply to all brokers.Statements of Borrowing by Uncle Buck Payday Loans LLP
In the recent Competition and Markets Authority’s provisional decision on remedies, arising from its Payday Lending Investigation, statements of the cost of borrowing have been proposed.Payday Loans Provider Uncle Buck Comments on CMA's Work on Lead Generators
The CMA’s payday lending investigation recently widened its terms of reference to include lead generators. Following further work, the CMA say that the role of lead generators contributes materially to the Adverse Effect on Competition (AEC). The findings include that many consumers are not aware when they apply for a loan that this is via a lead generator’s website, believing they are applying to a lender directly, and there is a lack of transparency in how lead generators describe the service they provide.