Anne Johnstone states that The Money Shop is planning to expand in the UK where it benefits from an "almost complete lack of regulation" ("A day of reckoning for loan companies", The Herald, November 3).
The Money Shop is part of Dollar Financial UK, a diverse financial services organisation. Our credit services are bound by our industry code of practice, drawn up by the Consumer Finance Association. This code, which aims to drive up standards in the sector, has been devised with input from the payday loan forum, whose members include Government departments, consumer groups and consumer credit trade associations.
We are also governed by the Consumer Credit Act 1974 (as amended by the Consumer Credit Act 2006); Consumer Credit Regulatory Guidance issued by the Office of Fair Trading; the Data Protection Act 1998; Privacy and Electronic Communications (EC Directive) Regulations 2003; Consumer Protection from Unfair Trading Regulations 2008 and related Office of Fair Trading Guidance Financial Services (Distance Marketing) Regulations 2004; the Enterprise Act 2002, and Money Laundering Regulations 2007.
In independent consumer research among our customers, 91% said information about loans, charges and fees is clear and easy to understand and 94% said they have never felt pressured by staff to take out a loan or extend an existing loan. We are also bound by the Advertising Standards Authority, which means we have to choose our words carefully in all advertising and marketing material to ensure they do not mislead.
Caroline Walton,
Dollar Financial UK Ltd,
77 Gracechurch Street, London.
Wrong priority
The juxtaposition of two articles on facing pages raise an important issue (“Government urged to extend smoking ban to private cars”; “UK tops European cocaine league”, The Herald, November 16) . Surely our Government needs to re-examine its priorities and enforce existing laws governing class A drug use rather than introduce more unenforceable laws restricting the freedoms of its citizens.
John Mackintosh,
87 Old Greenock Road, Bishopton.
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