The Consumer Finance Association, which represents many of the UK’s leading payday lenders, has responded to Consumer Focus’ report ‘Best of British Banking’ which highlights the threat to the provision of basic bank accounts, which are used by millions of UK consumers.
Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association, said:
“Everyone needs access to banking and credit facilities in the modern world so we firmly believe that the entire financial services industry has a duty to provide different options to suit different needs. Nobody should be financially excluded as long as all services, regardless of whether the customer is borrowing or depositing money, are provided in a responsible, clear and transparent way. Responsible payday lenders are leading the way in this regard by delivering financial services that meet modern consumer needs but are coupled with significant consumer protections through the industry’s new Good Practice Customer Charter.”