FCA urges stricter criteria for high cost lenders

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By Tom Brown
06 Aug 2020

The UK’s Financial Conduct Authority (FCA) has laid out expectations for how repeat non-bank lenders should behave once they resume lending, pushing firms to make operational changes to improve customer welfare.

The FCA launched the review before the coronavirus outbreak, investigating lender practices in the high cost credit market for UK borrowers. The regulator highlighted that repeat borrowing was often harmful to credit-dependent customers, in a letter sent to all high cost lenders on March 11.

The UK ...

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