Call Peter Harris
Director of Communications

TRAINING FOR PAYDAY LOAN COMPANIES

In response to demand, CAMIAD has developed a new course dedicated specifically for consumer credit and payday loan companies.

Whilst retaining all the core elements of the general one-day course, it specifically addresses the regulatory demands placed on this sector of the market by the Financial Conduct Authority.

Since the FCA took over responsibility for regulating consumer credit in April 2014, companies are required to demonstrate:

  • They have procedures and policies in place to deal with vulnerable and at-risk clients
  • They are aware of the mental capacity of clients who are contemplating taking out loans.
  • That affordability checks are carried out with clients before loans are given and the repayment arrangements are explained clearly.
  • That clients are properly advised about debt collection and, where necessary, directed to free debt advice firms and/or given repayment options.
  • That borrowers are limited to a maximum of two roll-over loans.
  • That all company advertising is clear, accurate and unambiguous.

Importantly, too, the tough FCA regulations demand that staff working for payday loan companies are trained the deal with struggling customers.

Tracey McDermott, director of supervision and authorisation at the FCA says: Our rules are designed to ensure loans are affordable; that customers who get in to difficulty are treated fairly and they are not pressurised into unaffordable and unsustainable repayment plans.

CAMIAD's dedicated training courses for payday loan companies specifically addresses all the key compliance issues demanded by the FCA. As such, for companies undertaking this training, it contributes greatly to their ability to show evidence of good practice and that they are proactive in complying with the regulations but also that being aware of mental health issues among clients can actually be good business sense. said CAMIAD Chief Trainer Nigel Crompton

TESTIMONIALS

Our first course for a payday loan company was delivered to Wage Day Advance/Speedy Cash at Nottingham on April 15, 2015. It received the following testimonials:

An absolutely fantastic training course. We found it invaluable. It could benefit all payday lenders and debt collection agencies.

Simone Hawley, Financial Solutions Team Leader, SRC Transatlantic Ltd. (US parent company for Wage Day Advance and Speedy Cash).

Every organisation should run this course for their employees…raising concern/knowledge on mental health and how to deal with them

Nitu Kumar, Wage Day Advance, Nottingham.

Credit card companies and banks could also benefit from the course as they face the same issues as ourselves.

Lisa Payne, Wage Day Advance, Nottingham.

I gained a lot of awareness of mental illness as a whole…it could benefit everyone in the financial industry.

Tina Fisher, Wage Day Advance, Nottingham.

As such, for companies undertaking this training, it contributes greatly to their ability to show evidence of good practice and that they are proactive in complying with the regulations but also that being aware of mental health issues among clients can actually be good business sense.

Nigel Crompton, Camiad Chief Trainer