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Six lenders cancel their HCSTC permission


Six lenders have cancelled their high-cost short-term credit (HCSTC) permission between 1st January 2016 and 30th April 2017.

The figure was revealed following a freedom of information request submitted by Loan Talk to the FCA.

The FCA took over the responsibility for consumer credit activities from the Office of Fair Trade on 1st April 2014 and since then only the six HCSTC lenders have cancelled their permission.

In January 2015, the FCA introduced a price cap on HCSTC loans to protect consumers from excessive chargers. 

Firms offering HCSTC loans had to meet the following criteria:

•    an initial cost cap of 0.8% per day – interest and fees charged must not exceed 0.8% per day of the amount borrowed
•    a £15 cap on default fees – if borrowers default, fees must not exceed £15. Firms can continue to charge interest after default, but not above the initial rate; and
•    a total cost cap of 100% – borrowers must never pay more in fees and interest than 100% of what they borrowed.

Any firm applying for authorisation for HCSTC permission is required to provide detailed information showing that it is compliant with the FCA’s rules and its credit agreement fees and charges comply with the price cap.

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