24th October 2013 OFT PUBLISHES PAYDAY LENDING REPORTThe OFT has today published their report into payday lending as it affects Isle of Man consumers. OFT Chairman David Quirk MHK explained “In March this year the United Kingdom Office of Fair Trading published a damning report into the payday loan industry in the UK. It concluded that it had found fundamental problems with the way the payday market works and widespread breaches of the law and regulations, causing misery and hardship for many borrowers. The OFT, having regard to its role as the registration authority under the Moneylenders Act 1991 which includes payday lending, and its various other consumer protection roles, determined that it should undertake a review of payday lending as it impacted upon local consumers.” The review reached a number key conclusions:-
Mr Quirk concluded “In our various roles we will continue to monitor the moneylending market and will consider any future need for enhanced regulation based on emerging evidence. We will revisit the issue of local consumers accessing the UK payday loan market following the outcome of the current UK market review.”
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