On November 29, FCA issued report on illegal customer money lending.
- Covers lending to people without regard to rules and requirements of regulation.
- It can take different forms and affect a range of different consumer groups in UK.
- FCA found unauthorized lending had existed in UK communities for generations.
- Happens across the UK and is mostly found in areas of high economic deprivation.
- But did find examples across groups and consumer types, including those in work.
- One Money Advice Trust adviser found evidence of lenders targeting food banks.
- Found many cases where people had mental or physical disabilities in statistics.
Written by ILG
