Simon Read: Watchdog bares its teeth on payday loans
There was great news this week for those of us who want the payday lender market cleaned up. The 451-branch Cheque Centre has effectively been forced to scrap payday loans by new Financial Conduct Authority rules.
This is a major move by the City watchdog, which took over regulation of the high-cost credit sector last month. I haven't been confident that it would back up its promises to crack down on rogue lenders but it's doing just that.
FCA chief Martin Wheatley sent out a fresh warning to rogue lenders. "This is an early victory for people who use payday lenders," he said.
"I have said before that firms would need to dramatically improve their operations or exit the market, and we are now seeing that happening. Other payday lenders should take note."
Under the agreement, Cheque Centre has stopped selling single instalment payday loans altogether and has suspended debt collection telephone calls to customers until it has improved its processes.
Meanwhile a rival payday lender has had its ads banned. Payday Unlocked, owned by Nouveau Finance, was slammed by the Advertising Standards Authority over a series of irresponsible text messages.
One of the unsolicited messages promised £400 in 15 minutes while another promised "£200 today".
The ASA branded the ads irresponsible and warned the firm to make sure its ads are "prepared with a sense of responsibility".
I'd like all advertising that encourages people to take out loans they can't afford to be banned. But failing that, I'm happy to see high street firms move out of payday lending.
- 1 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 Christians: The world's most persecuted people
- 3 The secret report that helps Israelis to hide facts
- 4 Danish TV reporter is all business up top, all party down below
- 5 Denmark bans kosher and halal slaughter as minister says ‘animal rights come before religion’
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
iJobs Money & Business
£20 - £22 per hour + competitive: Orgtel: Senior Fund Administrator, Top Four ...
£17 - £20 per hour: Cameron Kennedy Recruitment: My client, one of the worlds ...
£600 per day: Harrington Starr: SQL DBA/Developer SQL, C#, VBA, SQL Server, ...
£300 - £600 per day: Harrington Starr: Risk Analyst Access, EXCEL, VBA, RISK, ...
Day In a Page
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000