FCA uncovers flaws in payday loan adverts

About one in five of 500 promotions reviewed by the regulator either omitted important information about the products or made it difficult to find. The FCA assumed responsibility for the regulation of the consumer credit sector on 1 April. Its rules state any advert must be clear, fair and not misleading for consumers. The FCA examined over 500 advertisements for a range of consumer credit products and uncovered problems in 108 of them. > Read: Most advisers need consumer credit licence < These included examples where consumers were encouraged to hit an ‘apply' button for a pr...