FCA Warns Lenders To Pull Misleading Credit Adverts

By Ronan Barnard (May 6, 2022, 5:28 PM BST) -- The U.K. financial watchdog handed out warnings to almost 28,000 consumer credit companies on Friday, saying they would face regulatory action if they continued to use misleading language in their advertising.

The Financial Conduct Authority said that the credit brokers and companies providing high-cost loans should remove phrases including "no credit check loans," "loan guaranteed," "pre-approved" and "no credit checks" from their marketing materials. If the lenders do not do this, they could have their permission to provide loans removed, the regulator said.

The FCA said it would monitor online advertising from today to ensure lenders comply with the request. Misleading...

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