NEW FCA RULES FOR CREDIT BROKERS

On Monday this week, The Financial Conduct Authority (FCA) moved to introduce further rules regarding the activities of credit brokers operating in the short term lending market. The new rules came with no prior consultation, showing how serious the FCA regards the matter. What’s a credit broker? Generally, brokers operate through websites which offer to find loans for consumers, but a lack of clarity and disclosure on a number of sites led people to believe they were dealing direct with a lender. The broker could then find a lender to serve the customer, but – through small print