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The Credit Services Association (CSA)
CSA response to FCA statement regarding Wonga and unfair debt collection practices
The Credit Services Association (CSA), the trade body that represents more than 90% of the debt collection industry, has welcomed the move by the Financial Conduct Authority (FCA) to order the payday lender Wonga to pay out £2.6m in compensation to customers who had received ‘fake’ legal letters.
The CSA has previously reached out to the payday lending community to offer guidance, support and training in support of the FCA’s agenda to protect the customer when they fall into arrears.
Whilst acknowledging that Wonga is not a member of its association, and as such not bound by its Code of Practice, the CSA says that any examples of poor practice reflect on the wider collections industry: “As the voice of the collections industry, our vision is to build confidence in debt collection and therefore it is important that we continue to strive to deliver best practice. We applaud the actions of the FCA in coming down quickly on those who transgress,” says Peter Wallwork, CSA Chief Executive.