UK ombudsman joins clampdown on payday lending

Report from FOS highlights malpractice by loan middlemen

payday-loans2

The UK Financial Ombudsman Service (FOS) has joined a regulatory push to clamp down on mis-selling and poor practice in the payday loan industry. The Financial Conduct Authority (FCA) last week revealed that payday loans accounted for a quarter of the misleading advertisements it is investigating under its new mandate to regulate the consumer credit industry – and added that the industry had failed to improve since the FCA took over in April this year.

Now the FOS has revealed that the

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