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Updated Lending Code is released by FLA

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Updated Lending Code is released by FLA

The Finance & Leasing Association (FLA) has updated its lending Code, which has been in operation for twenty years.

The Code, which is binding for the 50 members of the FLA in the consumer credit markets, has recently been updated to reflect the latest guidance from the Office of Fair Trading (OFT) and the new Consumer Credit Directive.

The updated code of practice is designed to offer new rights and protection for short-term loans and store cards. The new guidance is also designed to protect borrowers in financial difficulties.

The new Code will limit the number of times a payday loan can be rolled over to a maximum of three. Labour MP Stella Creasy told the Guardian that the FLA’s plans are only “tinkering around the edges.” She is campaigning for the introduction of a total cost cap on short-term loans by the government.

She said: “What we’ve seen in America is that if you limit roll overs people then pay off the loan and take out another loan straightaway.

“A limit on roll overs will only work if you have a limit on taking out a new loan, say 28 days.”

The updated guidance covers all the key consumer credit markets in detail and contains the requirement that lenders ensure customers are aware of the total cost of a short-term loan before they apply.

Fiona Hoyle, head of consumer finance at the FLA, said: “The FLA Lending Code has been providing additional protection for credit customers for over 20 years.

“The new measures for store card sales and short-term loans reinforce the commitment of all FLA members to responsible lending.”

 





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