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|StepChange Debt Charity response to payday firm CFO Lending £34 million redress scheme|
|Monday, 19 September 2016|
In response to today’s Financial Conduct Authority (FCA) announcement of a £34m consumer redress scheme for more than 97,000 customers of CFO Lending, Mike O’Connor, Chief Executive of StepChange Debt Charity, said: “This case highlights the importance of a strong regulator prepared to step in and take decisive action against firms that break the rules. We need a powerful FCA to defend consumer interests and look out for vulnerable consumers and it is good to see this in action.
“The regulations on payday loans are making a difference and the amount of people we see with payday loans has been falling, but there is more work to do across all forms of consumer credit to ensure that everyone is protected from the damage that poor practice and harmful products can cause.”
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