The Financial Ombudsman provider, the UKвЂ™s official financial conduct watchdog, claims that more than 10,000 complaints had been lodged against pay day loan businesses between 2016 and 2017, an increase of 227% from 2015 to 2016 .
How many cash advance complaints had been disclosed into the Financial Ombudsman ServicesвЂ™ yearly review for 2016-2017. They show up despite tough brand new laws presently and soon-to-be imposed on вЂhigh-cost short-termвЂ™ loan businesses by the Financial Conduct Authority (FCA). Complaints linked to PPI but topped the maps by volume once more this 12 months at almost 170,000 recorded between 2016 and 2017.
Megan Webster, Policy and Communications Manager for the FOS, told DIGIT: вЂњOne for the biggest tales of the season could be the amount of people whoвЂ™ve contacted us with dilemmas about short-term credit and financial obligation including loans that are payday. Continue reading “Brand Brand New Report Details Sharp Increase In Complaints Against Cash Advance Businesses”