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A clear path of improvement in early days of new regulations, says CFA PDF Print E-mail
Tuesday, 10 March 2015

Commenting on the Financial Conduct Authority’s review of arrears management and forbearance by high cost short-term credit firms, Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association (CFA), which represents some of the best known short-term lenders, said:

 “These are early days for this young industry adjusting to a new set of regulations. But short-term lenders are on a clear path of improvement, with the worst lenders leaving the market and the FCA acknowledging that the lenders they reviewed are demonstrating a real commitment to change.

"This review is a valuable snapshot of evolving firm practice as it shows significant progress has been made but also highlights where further improvement is needed.  No firms have perfect systems but, while only high cost short term credit has so far been scrutinised, the rest of the credit sector can learn from this early review of the new regulatory regime.”

(Source - CFA News Release)

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