Compliance Monitor
Guarantor lender fined £800k for ignoring daily living costs in affordability formula
By Neasa MacErlean
Aguarantor lending firm from Essex is being fined over £800,000 and asked to payredress after it used “a formulaic approach
to assessing guarantors’ creditworthiness”and did not take into account “expenses such as food, clothing, energy,childcare
costs, or medical expenses”.