2013 10 payday lender infographic version 1
1
Click here to load reader
description
Regulatory changes in the short-term lending industry. In April 2014 short-term / payday lenders will be regulated by the FCA. In this infographic, we layout a timeline with the key changes to consider against your lending operating model.
Transcript of 2013 10 payday lender infographic version 1
2014 April July October
BSG is passionate about being a proactive force for positive change www.bsgdelivers.com // @bsguk
• FCA approval of nominated persons in important roles
• Risk warning disclosure
• 1 April 2014 for electronic communication
• 1 July 2014 for other advertisements
Origination Undertake an assessment of the creditworthiness of the customer before making a credit agreement
Payment • Limit the unsuccessful CPA
attempts to two • Prohibit part payment
requests
Rollovers • Limit the number of
rollovers to two • Provide information about
the free debt advice
Reporting
Periodic reporting of regulatory and product sales data
How does it affect your origination process?
How does it change your payment system?
How does it affect your “loan cycle” process?
