Client Advisory: Payday Lending to All But Disappear with FCA Price Cap Rules
At the end of last month, the United Kingdom’s (UK) Financial Conduct Authority (FCA) finalized the much-anticipated price cap rules for payday lenders. In response to growing negative attention, the FCA acted to reform the consumer lending space and clamp down on abusive practices. The new rules will dramatically change the face of payday lending and are likely to lead to a reduction in the number of providers in the market considerably.
Please see the full FCA Rules Client Advisory for the full summary and analysis.