Watchdog hits Cheque Centre

Tim Wallace
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PAYDAY lender the Cheque Centre yesterday agreed to stop offering loans which can only be repaid on one lump installment, under pressure from City watchdog the Financial Conduct Authority.

The FCA took over regulation of the sector last month and has told payday lenders to prove they are treating customers well.

The agreement also means the Cheque Centre will not phone customers about debt collection until it has re-worked the system it has in place to recover loans.