In response to the Competition and Markets Authority’s final report following its investigation into the payday lending market, Russell Hamblin-Boone, Chief Executive of the CFA, which represents some of the best known short-term lenders in the UK, said:
“Today’s short-term lending industry is very different to the one that the CMA observed at the start of its investigation in 2013. The FCA’s rules, including a cap on the amount that lenders can charge, have created a new lending landscape and there are now fewer lenders granting fewer loans but the demand for loans still exists.
“The CMA’s final report, which we welcome, gives borrowers even greater transparency from a sector that is pioneering real-time data sharing and simple, affordable lending. We need to draw a line under the past and recognise the value of short-term lending in a competitive consumer credit market.”