BBA bemoans unregulated lending
The British Bankers’ Association (BBA) has said that the banking industry’s code on responsible lending should be compulsory for all lenders and not just banks.
Angela Knight, the BBA’s chief executive, said in a letter to Mark Hoban, UK shadow treasury minister, that “lenders other than banks are accounting for a growing proportion of instant loans and credit deals to UK consumers, but these lenders fall outside the remit of the Banking Code, and therefore are not protected by its provisions for responsible lending.”
Knight added: "When a gap opens
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