-- The Competition and Markets Authority (CMA) issued a revised price comparison website (PCW) remedy proposal in December 2014. Initially, the CMA put forward the idea of an accreditation scheme where PCWs wishing to offer payday loan comparisons would need to seek accreditation. The scheme was proposed as voluntary. The CMA suggested the Financial Conduct Authority (FCA) were well placed to determine and administer the scheme. Following representations by the FCA, the CMA have amended the PCW remedy and issued a consultation thereon. The FCA has proposed that the remedy should be implemented through its authorization regime and would therefore apply to all PCWs operating in the payday market, creating common standards.
Uncle Buck Payday Loans LLP has been one of the first to speak up on the consultation, and was keen to point out that there are a number of benefits to this amendment. In the first instance, the FCA have made it very clear that PCWs acting as introducers in this way will be required to be authorized under the FCA’s Permissions regime. This in itself, the company claims, will help to raise standards.
Secondly, a two tier system can be avoided. Uncle Buck pointed out that with some PCWs having voluntary accreditation and others not, the standard meant little in real terms. Thirdly, they claimed, consumers may benefit from having a wider choice of PCWs and a simpler way of accessing these, if accreditation was standardized to prevent future confusion.
A spokesperson for Uncle Buck Payday Loans Company explained, “Uncle Buck Payday Loans fully supports the Competition and Markets Authority’s decision to amend their proposal for remedying the current Price Comparison Website situation. We have espoused the number of advantages we can see that will benefit both companies like ourselves and the consumers we are marketing to. We believe the proposals are fairer, more transparent, and better for all.”
About Uncle Buck Payday Loans: Uncle Buck Payday Loans LLP can help you sort out short-term cash-flow problems without worrying that a loan will cause more problems than it solves. The Uncle Buck Payday Loans Company is a direct lender operating in the short term marketplace. Its products fall under the HCSTC definition.
Contact Info:
Name: Uncle Buck
Email: Send Email
Organization: Uncle Buck Payday Loans LLP
Phone: 01959 543400
Website: https://www.unclebuck.tv
Release ID: 72140
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