FCA's mis-selling focus switches to payday lenders
Misleading advertising common among high-interest loan providers
Little has changed in the four months since the UK Financial Conduct Authority (FCA) took over supervision of the country's consumer credit industry, with misleading advertising still common, especially in the high-interest short-term credit sector (also known as payday lending).
Since it took over responsibility for the sector on April 1, the regulator says it has reviewed "over 1,500" promotions for consumer credit products referred to it by dissatisfied customers, the UK Advertising Standards
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