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DST comments on FCA's payday lender review PDF Print E-mail
Wednesday, 11 March 2015

Alan Fahey, head of retail banking at DST, comments on the report from the Financial Conduct Authority (FCA) revealing its assessment of the payday sector.

Mr Fahey said: “Although the FCA’s review began in an atmosphere of strong condemnation around the payday sector as a whole, one of the surprising results is in fact how positive its assessment of the sector’s progress has been.
“Whilst regulation has increased, the demand for short-term loans seems unlikely to reduce significantly. Instead, the challenge for those firms that remain in the market will be to evolve their businesses to become compatible with the new strict competitive structure and the regulation which supports it. It’s a regulatory recipe that has been aggressively enforced in the wider banking sector since the downturn, but payday firms – previously isolated under the relatively relaxed authority of the Office of Fair Trading – have a lot of catching up to do.

“As the FCA review makes clear, to do so, they will need to develop a much clearer understanding of their customers’ circumstances, their ability to repay loans, and to fully investigate the complaints that customers raise. With the right processes, technologies and training in place, payday lenders can focus on creating a positive experience for the customer, and thereby avoid unwanted attention from the FCA.”

(Source - DST Comment)

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