FCA Urges Monitoring For Advance Pay Plans For Workers

Law360, London (July 30, 2020, 8:55 PM BST) -- Specialist firms that provide payday advances to workers should consider putting in place systems to help financially struggling customers, the Financial Conduct Authority said Thursday.

Employer salary advance schemes — where workers pay a fee to get some of their salary ahead of payday — have some benefits when used in the right way, like helping workers deal with unforeseen expenses and occasional short-term cash-flow problems. But such schemes carry risks too, the FCA said.

The financial watchdog wants both employers and scheme operators to ensure that workers accessing such schemes are aware of risks like dependency and repeated use....

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