FCA Urges Monitoring For Advance Pay Plans For Workers
Law360, London (July 30, 2020, 8:55 PM BST) -- Specialist firms that provide payday advances to workers should consider putting in place systems to help financially struggling customers, the Financial Conduct Authority said Thursday.
Employer salary advance schemes — where workers pay a fee to get some of their salary ahead of payday — have some benefits when used in the right way, like helping workers deal with unforeseen expenses and occasional short-term cash-flow problems. But such schemes carry risks too, the FCA said.
The financial watchdog wants both employers and scheme operators to ensure that workers accessing such schemes are aware of risks like dependency and repeated use....
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!