Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether consumer credit affordability and creditworthiness checks adequately prevent people with high levels of debt and known gambling-related financial risks from obtaining additional credit cards; and what steps she is taking with the Financial Conduct Authority to strengthen safeguards.

Lenders offering credit are regulated by the Financial Conduct Authority (FCA). This oversight ensures that lending practices are fair and that consumers are protected – firms regulated by the FCA must comply with its strict lending affordability rules, lending only to those who can afford repayments based on a thorough assessment of their financial situation. Under the FCA’s Consumer Duty, firms are required to take steps to identify and respond to signs of vulnerability, support customers to disclose their needs, and make them aware of available assistance.

The Government is committed to supporting people who are experiencing problem debt. Through the Money and Pensions Service (MaPS), the Government funds a range of national and community-based debt advice services in England, so households can access the specialist support they need to get their finances back on track.