Over the last twelve months the Financial Ombudsman Service (FOS) has reported a rise in the number of complaints about payday loans, and this was confirmed in their Annual Report published May 2016.
We believe that this reflects the increasing involvement of claims management companies and focus on complaints regarding historic loan agreements.
BCCA members have concerns about the approach that the ombudsman is taking to these cases. Feedback from members focusses in on two areas.
We have been taking up these issues with FOS over the last few months, and continue to engage in constructive dialogue.
For more information about FOS click here.
To see our latest news posts on this topic please click here.
Please note BCCA members also receive regular ‘members only’ briefings on this issue.