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The UK Cards Association responds to the Payday Lending Compliance Review

The UK Cards Association today (20 November 2012) responds to the interim report of the Payday Lending Compliance Review, published by the Office for Fair Trading earlier today.

Graham Peacop, Managing Director said:

We welcome the focus in this work on enhancing consumer protection in relation to the use of Continuous Payment Authorities (CPAs) by payday lenders.

We are aware , through our members, that they are experiencing an increase in complaints in relation to the misuse of CPAs. We feel confident that the recommendations in this report will benefit consumers and help tackle these problems through greater transparency and putting control back in the hands of consumers.

We will continue to work with our members in addressing these concerns, particularly through providing evidence of whether, over time, payday lenders are modifying their use of CPAs in the light of this new guidance.

ENDS

For more information, contact

Sarah Treadwell-Jones
PR Manager
The UK Cards Association
T: +44 (0)20 3217 8344
E: Sarah.TreadwellJones@ukcards.org.uk

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