Payday loan advertising has attracted concern across society, including Government, media, consumer protection bodies and the public as the use of short-term, high-cost credit increased during the economic downturn. That's why regulators, consumer bodies and industry have been working to drive up standards in the sector.
In addition to the work we've carried out, our sister bodies, the Committees of Advertising Practice (BCAP and CAP) which are responsible for writing and maintaining the Advertising Codes, have been working to ensure that the Advertising Codes provides adequate protection for consumers.
More widely, there's been a clamp down on misleading and socially irresponsible practices within the payday loans sector. Only last week the
We're committed to ensuring that the right levels of protection are in place for consumers and vulnerable groups, so that ads are appropriate and don't cause harm. We'll report on the outcome of the BCAP review shortly.
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