Lending watchdog calls for pay-day loan comparison site to increase competition and transparency
A UK market watchdog has announced its intent to launch a pay-day loan price comparison site to increase the transparency of the industry for consumers, showing the real cost of the packages.
The Competition and Markets Authority (CMA) on Thursday proposed the site, which would see major lenders rates laid out full for consumers, according to Reuters.
The CMA site could increase competition in the UK industry, which sees over 1.8 million customers a year, dropping rates below the cap imposed by the Financial Conduct Authority (FCA) in July.
The site would help borrowers make informed decisions on which short-term package would best Read full story ›
Source: The Drum
