OFT Payday Lending Compliance Review

Belowyou will find some statistics avout the payday lending market in 2012/13:


The final report was long awaited but it is finally available online at

http://www.oft.gov.uk/shared_oft/Credit/oft1481.pdf

The OFT review includes:
- the inspection of 50 leading payday lenders
- mystery shopping exercise of 156 online and high street lenders
- the analysis of the content of 50 lenders' websites
- the analysis of 1013 questionnaire responses and submissions from licensees, trade associations or local authority trading standard services
- the analysis of 686 consumer complaints received by the OFT during a 6 month period
- a market analysis based on data from 190 companies

What will happen now?

OFT actions
- Enforcement action is underway and we have more in the
pipeline
- We are requiring 50 lenders to take immediate steps to
address areas of non-compliance and prove to us that they
have addressed the issues raised. We will revoke the licence of any lender that fails to cooperate
- We have made clear what we expect of all payday lenders. We have written to every single payday lender setting out our expectations.
- We have launched a consultation on a market investigation reference to look at wider market issues.






















Source: http://www.oft.gov.uk/OFTwork/credit/payday-lenders-compliance-review/;jsessionid=0A5D61D9EBC549685AFDBF54564764AC#.UUCAz1fisWQ