PDLs surrender Licenses

[Guest]

Appologies if this is already on here

The regulator has revealed that 10 lenders have exited the payday lending market after it wrote to 50 firms to request they improve their practices.
The Office of Fair Trading (OFT) has received responses from 28 of the 50 lenders, with 26 of these providing audited reports as part of its crackdown on the sector.
It confirmed that The Payday Loan Company, which trades under several names including Cashnet, and Hamilton Management Services, which trades as Anfield Cheque Cashing Centre, have surrendered their consumer credit licences altogether

http://www.credittoday.co.uk/article/15586/online-news/payday-lenders-surrender-licences-after-oft-pressure

[bluebottle]

Re: PDLs surrender Licenses

Thanks for posting that, Andy. I wonder how long it will be before the remaining PDLs surrender their licences? Let's hope the OFT maintain the right sort of pressure on them and force them out of business.

[enaid]

Re: PDLs surrender Licenses

Sadly the damage has probably done to hundreds, if not thousands of people, they can not just throw the towel in as these morons have done.
As we have said many times on here the rules and regs should be properly put in place before these sharks set up shop, all their T&Cs vetted so as no hidden snags can just appear.
Once more it is too little too late imho.

[charitynjw]

Re: PDLs surrender Licenses

There will always be gobshi........er, people who thrive on the misery & suffering, & sheer desperation, of others.

They should be named, shamed & made destitute for the suffering they've caused.

[enaid]

Re: PDLs surrender Licenses

There will always be gobshi........er, people who thrive on the misery & suffering, & sheer desperation, of others.

I think we all accept that, it is part of life and human nature.
As is proven by these firms just handing in their licenses when the rules and regs were to be adhered to proves they can not exist by fair means.
Time and time again we have seen supposed regulators doing little if nothing to help the consumer, but then why would they, why bite the hands that feed them.
The cesspit is at the top and not at the bottom of this population as we are led to believe, we are led to believe that every hoody wearer is a potential mugger and the man in and suit and tie is there to help us lol how bloody wrong.

[charitynjw]

Re: PDLs surrender Licenses

British public wrong about nearly everything, survey shows

http://www.independent.co.uk/news/uk...s-8697821.html

Hetan Shah, executive director of the Royal Statistical Society, said: "Our data poses real challenges for policymakers. How can you develop good policy when public perceptions can be so out of kilter with the evidence?
"We need to see three things happen. First, politicians need to be better at talking about the real state of affairs of the country, rather than spinning the numbers. Secondly, the media has to try and genuinely illuminate issues, rather than use statistics to sensationalise.
"And finally we need better teaching of statistical literacy in schools, so that people get more comfortable in understanding evidence."

[charitynjw]

Re: PDLs surrender Licenses

http://www.guardian.co.uk/commentisf...responsibility

In today's corporations the buck never stops. Welcome to the age of irresponsibility


George Osborne confirmed on Monday that he would accept the recommendation of Britain's parliamentary commission on banking standards and add to his banking reform bill a new offence of "reckless misconduct in the management of a bank".
That is a bit of a setback for the managerial class, but it still does not sufficiently change the overall picture that it is a great time to be a top manager in the corporate world, especially in the US and Britain.
Not only do they give you a good salary and handsome bonus, but they are really understanding when you fail to live up to expectations. If they want to show you the door in the middle of your term, they will give you millions of dollars, even tens of millions, in "termination payment". Even if you have totally screwed up, the worst that can happen is that they take away your knighthood or make you give up, say, a third of your multimillion-pound pension pot.
Even better, the buck never stops at your desk. It usually stops at the lowest guy in the food chain – a rogue trader or some owner of a two-bit factory in Bangladesh. Occasionally you may have to blame your main supplier, but rarely your own company, and never yourself.
Welcome to the age of irresponsibility...............

The problem is even more serious in the financial sector, which these days deals in assets that involve households (in the case of mortgages), companies and governments all over the world. On top of that these financial assets are combined, sliced and diced many times over, to produce highly complicated "derivative" products. The result is an exponential increase in complexity.
Andy Haldane, executive director of financial stability at the Bank of England, once pointed out that in order to fully understand a CDO2 – one of the more complicated financial derivatives (but not the most complicated) – a prospective investor needs to absorb more than a billion pages of information. I have come across bankers who confessed that they had derivative contracts running to a few hundred pages, which they naturally didn't have time to read......................

[Nibbler]

Re: PDLs surrender Licenses

The regulator has revealed that 10 lenders have exited the payday lending market after it wrote to 50 firms

Job only 20% done then as far as I'm concerned. :/