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Why affordability assessment may be the foundation of accountable financing

Why affordability assessment may be the foundation of accountable financing

Corporate Social Responsibility (CSR) is now an imperative that is modern. The occasions whenever, to quote Milton Friedman,‘the continuing company of company is business’ are over. No one runs in splendid isolation through the society they provide.

For the finance sector, and customer finance in specific, this can be more real than many.

Have actually we not been the fantastic Satan? From the macro scale, monetary solutions quite literally broke the lender as well as on the micro, it really is advertised after that it profited from the outcomes with businesses exploiting ‘the susceptible’ as conventional credit became harder and harder in the future by and rely upon banking institutions declined.

Where that left short-term/high expense credit is having, rightly, to enact business duty in its purest feeling. Company acting responsibly. As well as for us this means lending that is responsible.

Since coming under FCA legislation in 2014, exactly just exactly what continues to be of as soon as burgeoning sector has reformed significantly. In regulatory terms, this can include the development of mortgage cap, the reform of collections techniques, as well as an authorisation process that removed the licence of the companies that did not trade responsibly. At Dollar UK, we were proud go over and above these regulatory modifications, for instance, getting rid of penalty costs completely. (more…)