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Hello,
I'm in need of some guidance....
I've been doing some research on Pay Day Lenders and how they used to make assertions that taking a PDL wouldn't adversely impact on credit profile or certainly that taking one of their loans "may" improve chances of credit.
I submitted an FOI to the FCA which is explained below, I'm quite interested at their offer of a meeting (anyone want to come?) essentially though I'm trying to get hold of the background technical detail to the press release which covers the issue.
I've found plenty of info from the OFT broadly covering misleading adverts and the ASA don't want to know because they say its covered by CCA....I'm sure there must be loads of people out there who don't have other issues on their credit file but now can't get a mortgage because of the history in having a PDL.
I'm in need of some guidance....
I've been doing some research on Pay Day Lenders and how they used to make assertions that taking a PDL wouldn't adversely impact on credit profile or certainly that taking one of their loans "may" improve chances of credit.
I submitted an FOI to the FCA which is explained below, I'm quite interested at their offer of a meeting (anyone want to come?) essentially though I'm trying to get hold of the background technical detail to the press release which covers the issue.
I've found plenty of info from the OFT broadly covering misleading adverts and the ASA don't want to know because they say its covered by CCA....I'm sure there must be loads of people out there who don't have other issues on their credit file but now can't get a mortgage because of the history in having a PDL.
“The FCA issued a Press Release today in relation to 1 in 5 adverts being misleading which relates to Pay Day Lenders. The Press Release which can be located here http://www.fca.org.uk/news/consumer-...ms-must-raise- advertising-standards does not give much detail. I therefore require background information, reports, guidance and research into the issue around misleading advertising that led to the above press release. While I do require the general information above I am specifically also looking for information relating to the statement in the press release that firms state "claiming that their product would help repair credit ratings".” We regret to inform you that for the reasons outlined below we are having difficulty in processing your request. Your request is too broad as the cost of complying with your request would exceed the amount set out in regulations made by the Department of Constitutional Affairs (now the Ministry of Justice). These regulations provide that, for the FCA, the cost limit is £450 at the rate of £25 per person hour. To help us try to meet your request please can you refine it clearly defining what you mean by “background information, reports, guidance and research”, so we have a better understanding of what information you wish to receive. Alternatively, I have discussed your request with our Financial Promotions team and, if it is a more general understating of how we monitor the financial markets that you are interested in, they have offered to meet with you or telephone you to explain this. Please be aware that this is not standard practice but if you would like me to arrange this then please let me know. Once I have more specific details your request will be processed in accordance with the Act. I will be unable to proceed with your request without clarification of the information you wish to receive. Please note that under guidance issued by the Ministry of Justice and the Information Commissioner's Office entitled "Freedom of Information & Environmental Information Regulations - Hints for practitioners handling FOI/EIR requests", the following advice has been given with regard to the clarification of requests: "The day after the clarification is received by the public authority the 20 working day period begins" (page 14).
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