2013 10 payday lender infographic version 1
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2013 10 payday lender infographic version 1

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Regulatory changes in the short-term lending industry. In April 2014 short-term / payday lenders will be regulated by the FCA. In this infographic, we layout a timeline with the key changes to......

Regulatory changes in the short-term lending industry. In April 2014 short-term / payday lenders will be regulated by the FCA. In this infographic, we layout a timeline with the key changes to consider against your lending operating model.

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  • 1. 2014 April July October Origination Payment Rollovers Undertake an assessment of the creditworthiness of the customer before making a credit agreement • Limit the unsuccessful CPA attempts to two • Prohibit part payment requests • Limit the number of rollovers to two • Provide information about the free debt advice Reporting Periodic reporting of regulatory and product sales data How does it affect your origination process? How does it change your payment system? How does it affect your “loan cycle” process? BSG is passionate about being a proactive force for positive change www.bsgdelivers.com // @bsguk • FCA approval of nominated persons in important roles • Risk warning disclosure • 1 April 2014 for electronic communication • 1 July 2014 for other advertisements