FCA says firms must pay out to settle complaints even if it threatens bankruptcy
Industry News | 15/10/18
The City regulator has ordered payday lenders to bring forward compensation for customers who were mis-sold loans, even if it threatens the company with bankruptcy.
In strongly worded letters to firms in the high-cost short-term credit market, Jonathan Davidson, the director of supervision at the Financial Conduct Authority (FCA), set out how firms should respond to a recent surge in complaints over unaffordable lending.
Source: The Guardian