CICM welcomes FCA’s focus on unarranged overdrafts in new credit review
Press Statement – 31 May 2018
The Chartered Institute of Credit Management has welcomed the planned review by the Financial Conduct Authority (FCA) into high cost credit and particularly its focus on unarranged overdrafts.
Philip King, Chief Executive of the CICM, said that it was important that all high-cost products needed to be looked at: “The review needs to build a full picture of how such products are used, whether they cause detriment, and if so to which consumers, and should include not only the higher profile products but also those that make the banks millions of pounds but are often not in the consumer’s best interests.
“We would also urge the FCA to capture data and investigate in the greatest detail the extent to which consumers are moving towards the use of loan sharks and unauthorised lenders, as a last resort, where FCA measures have resulted in a reduction in the availability of legitimate high cost credit.”
CICM will continue to consult with its members on any future FCA consultations.
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The Chartered Institute of Credit Management (CICM) is the largest recognised professional body in the world for the credit management community. Formed over 75 years ago, the Institute was granted its Royal Charter in 2014. Representing all areas of the credit and collections lifecycle, it is the trusted leader and expert in its field providing its members with support, resources, advice, and career development as well as a networking and interactive community. In addition to its comprehensive suite of qualifications and learning opportunities, events and magazine ‘Credit Management’, the CICM administers the Prompt Payment Code for BEIS. Independently, and through collaboration with business organisations, it provides vital advice to businesses of all sizes on how best to manage cashflow and credit.
Linkedin: CICM Credit Community