Pay Day lenders challenged

FOLLOWING today’s news that ‘Quick Quid’ and ‘Pounds to Pocket’ will be repaying £1.7million to four thousand people after lending them sums of money greater than they could afford to repay Medway Labour is calling for the companies to be fined for their actions.

The Financial Conduct Authority has released information which shows that nearly four thousand customers were leant money by ‘Quick Quid’ and ‘Pounds to Pocket’ in spite of the companies knowing that the customers would be unable to afford the repayments. Today the Financial Conduct Authority has requested that ‘Quick Quid’ and ‘Pounds to Pocket’ cancel the outstanding loans of those affected customers and/or repay the interest paid on those loans.

But Medway Labour is questioning why the Financial Conduct Authority didn’t go further in their punishment of the two companies. Councillor Vince Maple, Medway Labour’s Group Leader, is appalled by their actions: ‘The behaviour of these two companies in simply unacceptable. They have been found guilty of taking advantage of nearly four thousand people.

It is absolutely right that they take steps to repay money to those affected by their actions but this does not go far enough to punish their actions. The Financial Conduct Authority must make it clear that pay-day lenders can not act in such an irresponsible manner and I believe that ‘Quick Quid’ and ‘Pounds to Pocket’ should be made an example of. That’s why I would call upon the FCA to fine both companies.’

By Medway Labour on November 5th, 2015
Category: Big Issues, Featured, News

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