Payday lenders could be forced to place “risk
warnings” on their adverts to advise borrowers about the dangers of debt.
It is one of several new rules being proposed by the Financial Conduct
Authority (FCA) to protect consumers.
Under the plans, the FCA would also be able to ban any loans, or
adverts, that it did not approve of.
While I approve of the idea to make adverts for
payday lenders carry warnings, surely the best thing the FCA could do is recommend
that they cease to exist.
Essentially what they do is legal loan sharking and
the people who turn to them out of desperation always seem to end up much worse
off long term.
It annoys me that payday lenders exploit people who
have got themselves in a bad financial situation and then the bosses of them
give interviews to newspapers and news shows bemoaning their bad reputations,
how deluded are these people?
The FCA is proposing these ideas to try and protect
consumers, but if they really wanted to do that they would inform all payday
lenders to close their doors immediately.
No comments:
Post a Comment