Complaints statistics do not give the full picture on short-term lending

As the Financial Ombudsman Service marks its 15th anniversary, Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association, which represents some of the best-known short-term lenders, said:

“We value the important role that the Ombudsman plays in resolving problems between customers and lenders, however the latest statistics are at odds with the improving standards in the short-term lending industry resulting from new FCA regulations.

“The regulator’s new rules and the price cap has fundamentally altered the market. Access to small sum, short term credit is being severely restricted, but there has been little impact on demand.”