Credit: Interest Rates

(asked on 26th October 2018) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to ensure that the Financial Conduct Authority has the necessary resources to enforce its rules on pay day lenders carrying out affordability checks on potential customers.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 5th November 2018

The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014.

The legislative framework provides for the FCA to be operationally independent from Government. The FCA is funded via a levy on financial services firms, which is set by the FCA to cover its funding requirement each year following consultation. As such, resourcing decisions are a matter for the FCA.

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