FCA Brings Doorstep Lenders Under Microscope
Law360, London (February 13, 2020, 6:15 PM GMT) -- The Financial Conduct Authority said Thursday it will look at whether doorstep loan sellers are pressuring vulnerable customers into unfavorable deals to chase high commissions.
The U.K.'s financial regulator said in a letter to company bosses that it had found a “higher risk of consumer harm” from credit brokers that sell loans to customers from inside their homes. Doorstep loans, or home credit loans, often see lenders deliver money to the houses of borrowers. Although the loans may often be small, interest rates on repayments may sometimes be very high.
The number of complaints from payday loan companies has risen significantly. The...
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