Council responds to news about payday lending regulation

The City of Edinburgh Council today (Thursday 3 October) welcomed the news that the Financial Conduct Authority (FCA) is proposing tougher regulation on payday lenders.

Councillor Bill Cook, the city’s Finance & Budget Vice-Convener, said: “It is good to see that the FCA are taking the issue of irresponsible payday lending seriously and the proposals they have published are a step in the right direction towards ensuring that our most vulnerable in society are not taken advantage of by companies looking to make easy money. Of course there will always be a need for payday lending but it’s about ensuring that money is lent responsibly and people are made aware that there are alternative ways to get a short-term loan.

"In Edinburgh, the Council has been working closely with Credit Unions to see how they can provide a viable, alternative option to payday lending. In a climate of economic uncertainty it’s imperative that people understand that there are other ways to borrow money, with lower interest rates and an ethical approach to repayment that isn’t profit driven. We will continue to work with Credit Unions going forward to ensure that in the future people looking for s short-term loan have a wide range of options available to them.”

Read more about the FCA proposals on the BBC website.

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