Credit: Fees and Charges
(asked on 5th January 2018) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether he plans to reduce the cap on the cost of credit offered by payday lenders.
This question was answered on 11th January 2018
The Government placed a duty on the Financial Conduct Authority (FCA) to cap the cost of payday loans. As a result, this is a matter for the FCA, who are operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.