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The Financial Ombudsman provider, great britain’s formal monetary conduct watchdog, claims that more than 10,000 complaints had been lodged against pay day loan organizations between 2016 and 2017, an increase of 227per cent from 2015 to 2016 .

How many cash advance complaints had been disclosed within the Financial Ombudsman solutions’ yearly review for 2016-2017. They arrive despite tough brand new laws presently and soon-to-be imposed on ‘high-cost short-term’ loan businesses because of the Financial Conduct Authority (FCA). Complaints pertaining to PPI nonetheless topped the maps by amount once more this at nearly 170,000 recorded between 2016 and 2017 year.

Megan Webster, Policy and Communications Manager for the FOS, told DIGIT: “One for the biggest tales of the year could be the amount of people whom’ve contacted us with issues about short-term credit and financial obligation including pay day loans. Weiterlesen