Consumer Focus has welcomed the announcement from the government that payday loan claims will have to be altered.Sarah Brooks, director of financial services for the organisation, said she is pleased to see both the short-term loan industry and the state recognising "changes are needed to improve this sector".The specialist claimed the measures that have been outlined could potentially make a difference to the market, but the details of the agreements and amendments will be "especially important" for vulnerable people who are dealing with payday loan charges."Poor practice has been rife" among many of these lenders, she remarked.If alterations to the sector are to be effective, Ms Brooks argued there will have to be "independent auditing; strict monitoring by trade associations and the regulator and the real threat of sanctions for wrongdoers".Four trade organisations representing 90 per cent of this sector have agreed to amend their Codes of Practice by July 25th to deliver better protection to the public.Samantha Clarke Samantha is a former banking assistant and has over ten years experience in retail banking.
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