Welcome to Policy-UK

Organising politically neutral, conferences, seminars and roundtables, Policy-UK is here to provide a platform for open and transparent dialogue on the key issues facing Westminster, Stormont, Holyrood and the Senedd.

Our events are informed via consultation with Parliamentarians, Government departments and the private and third sectors who assist us by providing insight on the subjects and (if we are fortunate) a gentle nudge on the best time to hold the conference.

We are independent, decisions on the shape of the agenda, who is invited (either to speak or attend) as well as all other editorial decisions remain with Policy-UK. The core principle always: hit the right subjects, with the right contributors, at the right time.

What We Do

We construct the event that is needed. This may be 300 people conference in a grand room furiously debating ideas, a 100 person Forum in a venue discussing practical implementation challenges or 20 around a table to constructively analyse policy line by line. Time is always set aside for meaningful engagement between the audience and speakers so that all perspectives are given a chance to be heard.

FCA confirms price cap rules for payday lenders

The Financial Conduct Authority (FCA) has confirmed today that nobody will have to pay back double than what they originally borrowed even if they have taken a loan from high-cost short-term credit providers or payday lenders.

In July, the proposals for a payday loan price cap were published by FCA. Following the consultation, they didn’t make any changes to the price cap structure and levels.

The high-cost short-term credit providers are now only allowed to charge 0.8% per day of the amount borrowed. And they’ll be fined if they tried exceeding the limits.

The borrowers that are facing trouble in repaying the debt will now have to pay only £15 as fixed default fees. The lenders aren’t allowed to increase the default charges from £15 if the borrower didn’t repay the loan on time. Similarly, the interest will also stick to the initial rate.

Total cost cap of 100% – The borrowers will now stay safe from escalating debts. The borrowers should only pay the amount they have borrowed.

The FCA estimated in July that after January 2, 2015, the payday loans wouldn’t be accessible for 11% of the current borrowers because of the price cap.

The FCA has noticed that the number of loans has dropped by 35% within the first five months. FCA has made several changes to the rules and regulations after collecting information from the firms. The FCA has stated that payday loans may not be accessible for 7% (around 70,000 people) of current borrowers. If the loan is granted to these individuals, they will get into huge trouble. Therefore, the FCA has placed a price to protect them from all types of problems.

These new changes by FCA will make things easier for the borrowers. And their life will become more comfortable. Always remember to check quality reviews on money lenders before applying a payday loan. This will ensure that you will get the best possible service and loan deal.