Website navigation. The sheer number of cash advance complaints had been disclosed within the Financial Ombudsman ServicesвЂ™ yearly review for 2016-2017.
15 June 2017 , 10.28am
The Financial Ombudsman provider, the UKвЂ™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-termвЂ™ 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: вЂњOne for the biggest tales of the season may be the amount of people whoвЂ™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 donвЂ™t feel theyвЂ™ve been addressed fairly.вЂќ