God vs The Devil in UK lending market – Part 2

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Yesterday I posted this piece that announced the initiative by the Archbishop of Canterbury to take on the UK’s biggest pay-day loan shark who prey on ( rather than pray for ) the many desperate households who are reeling from the recession.

It now turns out that he was unaware that the C of E’s pension fund have previously been investing, indirectly, in the very target of their wrath and His Grace is not a happy man.

Funny ol’ world.

Author: Mike Paterson

Mike Paterson has more than 30 years of experience trading FX including as a senior trader with UBS and Credit Suisse. He was also head of FX at the State Bank of Victoria. With sizeable daily trading volumes Mike carved out a name in the market combining professional integrity with a cynical grasp of seizing market opportunity. Since leaving the City, Mike has been working as an independent consultant and trading along with presenting seminars and writing for a number of publications. Mike lives in Kent and supports Southend United FC.

2013-07-26T06:22:17+0000

All|Europe|Regions

lending|UK economy

Mike Paterson

5 Comments

  1. No comment.

  2. Well the article says the Lord Archbishop is doing something about it, which wont be difficult (it’s only £75k, out of £5200M). It’s hard not to have some some respect for Rev Welby. He certainly has a sharp mind and some fresh ideas, not to mention that he’s still in touch with societal problems from which his executive background would have protected him.

  3. Indeed Schubes. As I said yesterday I have no religious bias but fully support his initiative to take these guys out of the market. It’s a shame its taken the govt so long to wake up to the malpractice and totally extortionate interest rates

  4. Yesterday’s article indicated that George Osbourne was planning to increase the interest that Credit Unions could charge by half. The cap is already at 26% per annum as it is! Mr Osbourne claims this is to help the Credit Unions compete with Wonga and their ilk, but it seems like putting a band-aid on a gaping wound. Subjecting the payday lenders to the same regulations would cut off the “need” for higher interest at the source. Then perhaps throw some more money at community welfare organisations to help genuinely poor people that are stuck in unsustainable debt traps. Doing something about the gambling industry (and perhaps beefing up programmes for gambling addicts) would probably help too.

  5. I couldn’t agree more Schubes

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