I have joined MPs from all parties, including the Conservatives, to demand that the Government allow its new financial regulator to restrict the activities of legal loan sharks.
The Financial Services Bill, which is due to be debated on 23rd April, covers many issues including reforming the way banks are regulated and the creation of a new Financial Conduct Authority. Crucially the new FCA will also oversee consumer credit – and have the power to act against companies who offer ‘toxic’ financial products.
The Financial Services Bill, which is due to be debated on 23rd April, covers many issues including reforming the way banks are regulated and the creation of a new Financial Conduct Authority. Crucially the new FCA will also oversee consumer credit – and have the power to act against companies who offer ‘toxic’ financial products.
More and more I learn of people who are struggling to pay back loans from payday lenders and other providers of high cost credit. That’s why I am backing this proposal to give regulators the powers not only to fine these firms but cut their charges too.
I’m delighted that several Conservative MPs are also supporting this move, showing how many agree with Labour that this industry needs reform. It’s the first step towards securing industry-wide caps on the total costs of credit, and so giving British consumers the same protection from these loans that others around the world enjoy.
For more information about the campaign to tackle legal loan sharking in the UK visit: www.workingforwalthamstow.org.uk
I’m delighted that several Conservative MPs are also supporting this move, showing how many agree with Labour that this industry needs reform. It’s the first step towards securing industry-wide caps on the total costs of credit, and so giving British consumers the same protection from these loans that others around the world enjoy.
For more information about the campaign to tackle legal loan sharking in the UK visit: www.workingforwalthamstow.org.uk
RSS Feed