October 15, 2018 / 6:19 AM / a month ago

Britain's financial regulator warns lenders over high-cost short-term loans

LONDON, Oct 15 (Reuters) - Britain’s Financial Conduct Authority has written to the chief executives of high-cost short-term loans asking them to check whether their creditworthiness assessments are compliant, amid an increase in complaints about unaffordable lending.

The regulator also asked firms to inform it immediately if the cost of reimbursing customers with complaints will leave them unable to meet their financial commitments, the FCA said in a statement on Monday. (Reporting by Ben Martin; editing by Simon Jessop)

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