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Govt cracks down on payday lender adverts

Treasury 480

The Government is launching a crackdown on payday lenders by restricting how they advertise and forcing lenders to help people with multiple loans.

The Guardian reports that the Government will act after a report it commissioned from the University of Bristol recommended restrictions on the time of the day when adverts could be shown.

It also suggested that the annual interest rate of loans should be displayed more prominently on the face of adverts.

A number of payday lenders have seen adverts banned by the Advertising Standards Authority in recent months as the short-term credit market has boomed.

Lenders will also be forced to confidentially share data on certain applicants to stop them taking out several loans with different lenders.

The Financial Conduct Authority is set to take over regulation of payday loans in April 2014 and will have the power to impose unlimited fines to wrongdoers.

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