Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps his Department is taking to help support victims of illegal money lenders.

The Government recognises the dangers of unauthorised money lenders - more commonly known as loan sharks - and the negative impact that they can have on communities. That is why HM Treasury funds Illegal Money Lending Teams (IMLTs) across the UK via an industry levy collected by the Financial Conduct Authority (FCA).

The IMLTs investigate and prosecute illegal money lenders as well as provide support to victims, with over 30,000 people having been helped in the process. The teams also undertake community work, warning of the risks of loan sharks, and support people in accessing legal, affordable credit.

HM Treasury took over responsibility for funding the IMLTs in 2017. Since then, the Government has increased funding for the teams by over 50%. In the 2023/24 financial year, the Government is providing over £7.3 million to the teams, equipping them to investigate and prosecute illegal lenders while working to support their victims.