GLC meets Maggie Craig, Financial Conduct Authority's Head of Department, Scotland

Govan Law Centre (GLC) has had a very productive and helpful meeting with the Financial Conduct Authority's (FCA) new Head of Department, Scotland, Maggie Craig in Govan this morning. Before joining the FCA, Maggie held a variety of roles at the Association of British Insurers (ABI) including Director of Scottish Affairs, Acting Director General and, latterly, Director of Financial Conduct Regulation.

Maggie set out the new business strategy for the FCA's increased presence in Scotland, which now employs 101 people in Edinburgh's Fountainbridge, as well as the new opportunities for Scotland's growing 'fintech' (financial technology) industry. The financial services sector contributes around £8bn to the Scottish economy.

Principal Solicitor, Mike Dailly set out GLC's hope and aspiration for fintech solutions to revolutionise the free money advice sector in Scotland, by utlising opening banking developments from the revision to the EU's Payment Services Directive ('PSD2') to streamline debt advice for both advisors and consumers. A good example of some of the opportunities for fintech solutions to help and empower consumers were set out in a Money Advice Service 'Financial Capability Lab' report last week.

Mike also discussed a number of concerns around some particular high cost credit card products, and mortgage lenders fees and charges, as well as recent developments with respect to potentially prescribed credit debt cases in Scotland, and excessive and punitive interest charges in cases where secured debt has been sold on.  GLC agreed to keep in touch with Maggie on relevant areas of consumer interest in Scotland.

GLC meets Maggie Craig, Financial Conduct Authority's Head of Department, Scotland

How to tackle payday lenders: GLC's new Payday Loan Survival Guide

With 90% of the payday lending market failing to comply with consumer protection laws to the severe detriment of vulnerable consumers, Govan Law Centre (GLC) believes there is now an urgent need to help people in the UK fight back against payday lenders.

The payday lending market was recently referred to the Competition Commission, and in 2011/12 there were 8.2m new payday loans made in the UK alone. There is every expectation that this number will continue to rise, and with it the financial exploitation of consumers across Great Britain and Northern Ireland.

GLC has therefore decided to publish a free 'Payday Loan Survival Guide' for consumers across the UK. Our new guide explains how consumers can take back control of their finances, challenge unfair interest and charges, stop payday lenders from emptiying their bank accounts, and pay back debts legally due on a reasonable and affordable basis. The guide has been written by GLC's Principal Solicitor, Mike Dailly.

Govan Law Centre's new Payday Loan Survival Guide is designed for all consumers across the UK in difficulty with payday loans, and can be downloaded here (as a PDF) for free.

Our guide is free. It has been produced without funding, and we will be posting a link where charitable donations to GLC can be made by those who would feel able to help our work in this field.

How to tackle payday lenders: GLC's new Payday Loan Survival Guide