Before we answer the question of Are you FCA Approved? let me give you a little insight in the FCA. In April 2014 the FCA took over responsibility for consumer credit regulations and set out to put the spotlight on higher risk products like payday loans. They scrutinised firms to ensure they met the FCA new threshold conditions.
The FCA have taken action against firms that have wronged or deliberately mis-sold payday and short term loans to vulnerable customers and deliver more than £300 million in redress.
Changes Have Been Made
New rules have been introduced including price caps, risk warnings, restrictions on rollover loans and how recurring payments via CPA (continuous payment authority) are collected.
Since then the payday sector has changed significantly. Did you know that 800,000 fewer people took a payday loan out over an 18 month period. There has been a 20% drop in approving applications for payday and short term loans. There has been an 8% fall in default rates and an average of a £40 drop in loan charges.
We Are Regulated
So, we are glad you asked. LoanPig and it’s parent and direct lender company The Money Hive Limited are fully authorised by the Financial Conduct Authority. Which means that the Financial Conduct Authority, otherwise known as the FCA, have granted us full permission to supply consumer credit and trusted us to go about our business in a responsible and ethical manner. Here at Loanpig, responsible lending is the foundation of our business – and not because our regulators want it to be, but because we truly want to offer you the best possible loan facility we can. In an uncertain world there will always be a need for a regulated facility to borrow money at short notice for life unexpected events