The Financial Ombudsman provider, the UK’s official conduct that is financial, claims that more than

10,000 complaints had been lodged against pay day loan businesses between 2016 and 2017, an increase of 227% from 2015 to 2016 .

The sheer number of pay day loan complaints had been disclosed into the Financial Ombudsman Services’ yearly review

They show up despite tough brand brand new regulations presently and soon-to-be imposed on ‘high-cost short-term’ loan companies because of the Financial Conduct Authority (FCA). Complaints linked to PPI but topped the maps by amount once again this 12 months at almost 170,000 recorded between 2016 and 2017.

Megan Webster, Policy and Communications Manager for the FOS, told DIGIT: “One of this biggest tales of the season may be the amount of people who’ve contacted us with issues about short-term credit and financial obligation including loans that are payday. Lees meer