Facts about Loan Sharks:
Check before taking out a loan
The Financial Conduct Authority (FCA) is a regulatory body in the United Kingdom that regulates the conduct of financial firms providing services to consumers including the regulation of consumer credit and maintains the integrity of the UK’s financial markets.
The FCA have brought in new rules, known as the Consumer Duty, which set a higher standard of consumer protection in financial services. The Duty means you should get: the support you need, when you need it. communications you understand. products and services that meet your needs and offer fair value.
Further information on the Consumer Duty is available at the following links:
The Financial Conduct Authority (FCA) keeps details of all licensed lenders, as well as everyone who has applied for a licence or has had one taken away or suspended. If a lender isn't listed as having a current licence, don't borrow money from them and don’t let them come into your home.
Check the FCA register to see if a lender is licensed
Report a Loan Shark
To report a Loan shark follow this link.
If you have borrowed money from a loan shark you are under no legal obligation to repay the debt, you should contact your local Trading Standards office immediately – to find your nearest Trading Standards office, click here.
For more information including how to spot a Loan Shark follow this link.
If you are being harassed by your creditor, follow this link for advice.
Information on what to do if you owe money to an illegal lender is available from StepChange.org.
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