CFA responds to Ofcom research on payday loan TV adverts
Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association, which represents the major short-term lenders operating in the UK, said:
“CFA members do not target any specific group of people and certainly not children, either through advertising on children’s TV channels or through using childish mascots/characters.
“The buying of advertising space is done so as to appeal to adults for whom a loan may be suitable. However, simply viewing an advert doesn’t equate to a loan approval, CFA members conduct robust affordability assessments and work with the credit reference agencies before lending to anyone.
“Our members are actively engaged with the Advertising Standards Authority at all levels within their businesses to ensure they are complying with regulations. As responsible lenders, CFA members comply with all sales, marketing and advertising related laws, as well as specific stipulations in our own Code of Practice.”
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