Speeches

Alison Thewliss – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Alison Thewliss on 2016-05-18.

To ask Mr Chancellor of the Exchequer, if he will bring forward legislative proposals to prevent payday loan companies from advertising financial services from third party companies to customers during the loan application process.

Harriett Baldwin

The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014. This more robust regulatory system is helping to deliver the Government’s vision for a well-functioning and sustainable consumer credit market which is able to meet consumers’ needs.

The FCA has introduced detailed rules regarding firms’ promotions and advertisements. It has consulted on possible new rules, including forbidding financial promotions appearing in or among the rankings of price comparison websites comparing high-cost short-term credit.