MP proposes tougher payday lender regulations

clock

Labour MP Paul Blomfield will introduce a private members bill on Wednesday with the aim of creating a harsher regulatory environment for payday lenders.

The Sheffield Central MP's 'High Cost Credit Bill' proposes to introduce lending limits, cap excessive charges, and require lenders to refer borrowers experiencing repayment difficulties to free, independent debt advice. The Bill argues in favour of moving interest rates from APR to a more representative system which would instead illustrate the pound cost per hundred pounds borrowed over a thirty day period. Blomfield said: "Payday money lenders are making millions from extortionate loans to some of the most vulnerable in Sheffield and across the country. In hard times, it's no wonde...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA and FOS release call for input to modernise redress system

FCA and FOS release call for input to modernise redress system

Comes after Rachel Reeves’ Mansion House speech

Isabel Baxter
clock 15 November 2024 • 3 min read
Chancellor targets FOS modernisation and FCA consultation

Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock 14 November 2024 • 3 min read
FCA issues warning notice against Crispin Odey over 'lack of integrity'

FCA issues warning notice against Crispin Odey over 'lack of integrity'

Regulator alleges 'reckless disregard' on governance

Cristian Angeloni
clock 04 November 2024 • 2 min read