What next?Existing borrowers can still manage their repayment plans both online and over the phone. The outcome for the FCA’s investigation is still fairly unclear, however, if lending practises are deemed irresponsible, this could affect not only potential, but also current PiggyBank customers. Those who attempt to apply for a loan online with PiggyBank will be greeted with restricted access to the page in addition to the following statement: “We are currently making changes to our systems and processes and are unable to process any loan applications at this time. We aim to have our application system open shortly once these changes have been made. We apologise for any inconvenience caused.” The FCA have not provided an end date for their investigations, therefore the future of PiggyBank’s lending is now unclear. Whilst the exact dates and findings for this investigation are, for now, being kept fairly close under wraps, the financial watchdog have come out with the following public statements:
“The firm [PiggyBank] has agreed to stop lending to customers and to carry out an external review of its lending policies.” Following this with the comment that “It is important all firms follow our rules, particularly when it comes to affordability and we will take action when we see breaches of our rules.”The UK’s Financial Conduct Authority is continuing to ensure safe and fair lending is practised throughout the entirety of the country, and that lending practices throughout the HCST loaning sector meet the basic standards that are set, expected and further required by the FCA, and the country’s rules and regulations in general.