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OFT referral to the Competition Commission

Date article publshed: 27/06/2013 Read original article >

As a long-time advocate and pioneer of better regulation, Wonga welcomes the chance to work with the Competition Commission, alongside our new regulator the FCA, to build a short-term credit sector based on our values of responsible lending and customer protection.

Alongside sharing our best practice such as transparency of pricing, freezing default interest, limiting extensions, proper credit checking and use and return of data to the Credit Reference Agencies, we will be making the point that the Competition Commission should use this opportunity to review how consumers use and access all forms of short-term credit including overdrafts and credit cards.

Response by Editor Published: Categories Wonga Competition Commission Office of Fair Trading (OFT)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk