This article was published on 8 April 2021. Some information may be out of date.

Changes to consumer lending – harder to borrow but less spiralling debt

Notes from Financial Services Complaints Ltd conference on May 4
  • Changes in effect last year: Caps on interest and fees
  • Changes in October 2021: Lenders must assess whether borrower can afford loan
  • Consumer Data Right: Government considering this. Consumers can choose to give their financial data to providers, budgeting platforms or comparison websites, etc.
  • Another topic: “A complaint is a gift”

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Mary Holm, ONZM, is a freelance journalist, a seminar presenter and a bestselling author on personal finance. She is a director of Financial Services Complaints Ltd (FSCL) and a former director of the Financial Markets Authority. Her opinions are personal, and do not reflect the position of any organisation in which she holds office. Mary’s advice is of a general nature, and she is not responsible for any loss that any reader may suffer from following it. Send questions to [email protected] or click here. Letters should not exceed 200 words. We won’t publish your name. Please provide a (preferably daytime) phone number. Unfortunately, Mary cannot answer all questions, correspond directly with readers, or give financial advice.