Media response: FCA payday loan announcement

**11 November 2014 **

In response to today’s announcement from the Financial Conduct Authority (FCA), Caroline Rookes, CEO of the Money Advice Service, said:

“Today’s important changes by the FCA mean that an estimated 70,000 people will be unable to take out a payday loan in the New Year. If you’re planning on taking out a payday loan to clear your Christmas debts, which can be especially tempting at this time of year, you may be turned away. So I’d encourage people to think very carefully about their Christmas spending plans.

“If you’re worried about your finances and think you might need a payday loan there are plenty of places you can turn to for free debt advice. Our debt advice locator – www.moneyadviceservice.org.uk/debt – can help you find the best and nearest debt advice to where you live.

“In addition, we have a specially designed Christmas budget planner that can help you work out exactly what you are planning to spend over the festive season- https://www.moneyadviceservice.org.uk/en/tools/christmas-money-planner

“The Money Advice Service hopes that today’s announcement leads to higher standards among payday loan companies, and a better deal for consumers.”

For more information please contact the Money Advice Service Press Office on 020 7943 0593 pressoffice@moneyadviceservice.org.uk