Transparency for Consumers in Who They Are Dealing With Says Uncle Buck

Westerham, Kent -- (SBWIRE) -- 12/16/2014 -- The FCA recently published a policy statement, without prior consultation, on credit brokering and fees, mandating new rules from 2 January 2015. Although the rules are applicable in the main to those brokers charging upfront fees to consumers, some rules apply to all brokers.

Brokers will be required to publish their legal name, not just a trading name, in all advertising and correspondence with customers and make it clear they are acting as a broker in advertisements. This will aid transparency and provide clarity for consumers and Uncle Buck supports this measure.

The new rules also include that credit brokers must make sure customers are given clear information about who they are dealing with, what fee will be payable, and when and how the fee will be payable.

Uncle Buck Payday Loans LLP has never applied an upfront fee to its products.

If you would like to know more detail about our product visit https://www.unclebuck.tv/how-it-works.html

About Uncle Buck Payday Loans LLP
Uncle Buck Payday Loans LLP is one of the leading short term loan providers in the U.K. which offers instant decisions and quick approvals. The company is authorised and regulated by the Financial Conduct Authority (FCA) and is fully committed to following the Good Practice Customer Charter. Uncle Bucks has also attained a reputation for providing one of the best customer supports in the financial industry.

For more information about Short Term Loans in the U.K., visit unclebuckloans.co.uk or please call at 01959 543400 or email to info@unclebuck.tv

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Westerham, Kent -- (SBWIRE) -- 11/24/2014 -- In the recent Competition and Markets Authority's provisional decision on remedies, arising from its Payday Lending Investigation, statements of the cost of borrowing have been proposed.

Uncle Buck Payday Loans LLP supports this remedy. Providing a customer with a confirmation that their loan has been repaid and displaying the amount of the repayment is good practice, so extending this to include the cost, including late fees, aids transparency.

Customers should already have received a Notice of Default Sums if a late fee has been added to their account, but the impact of the overall loan costings when a loan has been repaid is likely to deliver a much stronger message.

Embracing the number of loans issued during the previous 12 months, including the costs thereon, and potential savings if the customer had repaid on time (eg late fees and possible additional interest that could have been avoided) will help to focus customers' attention on their borrowing habits. In particular, a customer considering re-borrowing – whether with the same lender or through a new search – may be induced to re-consider at that time. Conversely, depending on individual customers' definitions of "value", or the perceived peace of mind obtained through having access to a small amount of funds over a short period of time, some customers may consider the loan they have just repaid as a worthwhile transaction in helping to smooth the peaks and troughs of expenditure.

Uncle Buck displays the required warning on its website and is clear that payday loans are unsuitable and expensive as a means of long term borrowing. Uncle Buck also makes it clear that this form of funding is not suitable for anyone in financial difficulty.
Requiring a customer to confirm review of the information presented helps to avoid the "bypass" of these important details, although of course we can never be completely sure that the information has been received and understood in a meaningful way by the customer and to include additional items of information such as net income would increase the time requirement, development cost and individual statement cost. Keeping the information presented concise and relevant will help to ensure that it meets the objective.

Uncle Buck provides comprehensive information on the cost of loans, and any potential default charges, on its website and in the pre-contractual and contractual information. Customers are also able to log-in to a secure customer portal to access loan information, which includes any fees incurred.

Uncle Buck will be working towards implementing this remedy, when the exact requirements are confirmed, by the required deadline.

For more info, visit https://www.unclebuck.tv/payday-loans.html

About Uncle Buck Payday Loans LLP
Uncle Buck Payday Loans LLP is one of the leading short term loan providers in the U.K. which offers instant decisions and quick approvals. The company is authorized and regulated by the Financial Conduct Authority (FCA) and is fully committed to following the Good Practice Customer Charter. Uncle Bucks has also attained a reputation for providing one of the best customer supports in the financial industry.

For more information about Short Term Loans in the U.K., visit unclebuck.tv or please call at 01959 543400 or email to info@unclebuck.tv

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Westerham, Kent -- (SBWIRE) -- 11/17/2014 -- The CMA's payday lending investigation recently widened its terms of reference to include lead generators. Following further work, the CMA say that the role of lead generators contributes materially to the Adverse Effect on Competition (AEC). The findings include that many consumers are not aware when they apply for a loan that this is via a lead generator's website, believing they are applying to a lender directly, and there is a lack of transparency in how lead generators describe the service they provide.

Lead generators may be required to disclose to potential applicants the service they offer, that they are "not a lender" and state explicitly that the sale of customer details to a lender may not result in an offer of the cheapest loan available.

These measures should help to ensure that customers make informed decisions about the lenders they are choosing and be very clear about whether they are using a lead generator, where the customer details may be made available to a number of payday loans lenders, or applying direct to a funding lender.

Other benefits may include a greater propensity for customers to shop around, possibly using price comparison websites, to source the best deal for themselves.

The CMA also proposed that the FCA prioritise a wider review of the operation of the sector.

FCA applications for full authorisation will ensure that only well managed and responsible lead generators receive full permission, driving up standards.

Uncle Buck Payday Loans believes proposed measures will increase transparency and clarify to the customers with whom they are dealing with. For more information Payday Loans visit http://www.UncleBuckLoans.co.uk/payday-loans.html.

About Uncle Buck Payday Loans LLP
Uncle Buck Payday Loans LLP is one of the leading short term loan providers in the U.K. which offers instant decisions and quick approvals. The company is authorised and regulated by the Financial Conduct Authority (FCA) and is fully committed to following the Good Practice Customer Charter. Uncle Bucks has also attained a reputation for providing one of the best customer supports in the financial industry.

For more information about Short Term Loans in the U.K., visit unclebuckloans.co.uk or please call at 01959 543400 or email to info@unclebuck.tv.

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm