Website navigation. The sheer number of cash advance complaints had been disclosed within the Financial Ombudsman Services’ yearly review for 2016-2017.
15 June 2017 , 10.28am
The Financial Ombudsman provider, the UK’s official financial conduct watchdog, claims that more than 10,000 complaints had been lodged against pay day loan organizations between 2016 and 2017, a growth of 227per cent from 2015 to 2016 .
They come despite tough brand new laws presently and soon-to-be imposed on вЂhigh-cost short-term’ loan businesses because of the Financial Conduct Authority (FCA). Complaints associated with PPI but topped the maps by amount once more this 12 months at almost 170,000 recorded between 2016 and 2017.
Megan Webster, Policy and Communications Manager for the FOS, told DIGIT: “One for the biggest tales of the season may be the amount of people who’ve contacted us with issues about short-term credit and debt including loans that are payday. In a variety of ways, it is a thing that is positive people are coming ahead to express they need help and don’t feel they’ve been addressed fairly.”