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CAB - Payday loan cap “should be a limit not a target”

The cap on the cost of credit for payday loans came into effect recently.

Citizens Advice has said that the Financial Conduct Authority must monitor the cap and make sure it is keeping consumers protected.

Gillian Guy Chief Executive of Citizens Advice, said:

“The cap should be a limit, not a target. The introduction of the cap is an opportunity for payday lenders to start competing on price and good customer service. It has been designed to protect people who run into difficulty from ballooning debts, and it’s vital that the FCA monitors the industry and how they respond to the cap to make sure that it is protecting consumers.”

Citizens Advice

Notes to editors:

  1. To contact the Citizens Advice news team call the press office on 03000 231 080, or via email atpress.office@citizensadvice.org.uk.
  2. The Citizens Advice service comprises a network of local bureaux, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  3. The advice provided by the Citizens Advice service is free, independent, confidential, and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  4. To find your local bureau in England and Wales, visit citizensadvice.org.uk. You can also get advice online at advice guide.org.uk
  5. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers
  6. Citizens Advice Bureaux in England and Wales advised 2.3 million clients on 5.4 million problems from October 2013 to September 2014. For full 2013/2014  service statistics see our quarterly publication Advice trends
  7. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 3,000 service outlets across England and Wales.
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