MSE News: Payday lenders must be on comparison sites from next year

Oh great, this will give them an air of responsibility... YUK

As I've often said the FCA rules are a double edged sword, it's good that they are cracking down on PDL's and other financial organisations that utilize unscrupulous practices and don't make their products clear but the problem with the FCA new guidelines is that whilst they are designed to protect vulnerable people from being exploited, it doesn't resolve peoples short term cash flow issues.

In fact, making it harder to get a loan or credit even at a high interest rate because of the new rules restraining PDL's will result in not only PDL's going under but also individuals going under too which is far more serious, I don't care about the billionaire directors of Wonga who probably have another company to parachute into anyway if they go belly up (strong possibility they will at the moment) but I do care for ordinary people, so whilst I applaud the FCA's endeavors to protect people, they've kinda missed the boat, PDL's are there because there is a need, the need won't go away even if every single PDL closed down tomorrow, that's the reality out there.