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Cost limit consultation, further analysis

Cost limit consultation, further analysis

The FCA consulted commonly regarding the proposed cost limit with various stakeholders, including industry and customer groups, expert systems and academics.

In July, the FCA estimated that the end result for the cost limit would be that 11% of present borrowers would not get access to payday advances after 2 January 2015.

The number of loans and the amount borrowed has dropped by 35% in the first five months of FCA regulation of consumer credit. To simply take account of the, FCA has gathered information that is additional firms and revised its quotes of this effect on market exit and lack of use of credit.