Justin Welby declared war in the loan providers however it is regulators that have taken on the battle with increased than one company going under
The Financial Conduct Authority is breaking straight straight down on payday lenders. Photograph: Dan Kitwood/Getty Images
In 2013 the Archbishop of Canterbury, Justin Welby, declared war on Wonga along with other payday loan providers crucifying borrowers with 5,000per cent interest loans. 36 months later on it appears just as if their prayers might have been answered.
CFO Lending, that has been fined ВЈ34m this week because of the Financial Conduct Authority, is only the latest operator taken to its knees by regulators punishing bad financing behaviour. CFO, which traded under manufacturers Payday First, cash Resolve and versatile First, will need to hand cash back to nearly 100,000 victims of the practices that are unfair. Read more…