Campaigns. It is important that I continue to know the strength of feeling on an issue and I prefer to respond to every inquiry, but the sheer size of campaign correspondence means that it is hard to justify to the tax payer the cost and time taken for individual written replies, so regrettably I will no longer reply to every item of campaign correspondence.  I will  post a response to the campaign on the "Responses to campaigns" page of my website.

I am sorry to do this, as it is rather impersonal, but can see no other way of maintaining a good service for all my constituents unless I approach campaigns this way.


11 OCT 2018

Payday Lenders

Thank you for taking the time to email me about payday lenders and consumer credit.

I understand your concern on this matter and hope the following information on this topic from the Treasury is reassuring:

The Financial Conduct Authority (FCA), which regulates consumer credit, has brought in tough new rules for payday lending. In 2015 the FCA decided to introduce a cap on the total cost of payday loans, not just the interest rate, but also the arrangement fees as well as the penalty fees. In total, no one should have to pay back more than twice what they borrowed, and there is a £15 cap on default charges.
The FCA has also been given stronger powers to ensure money is not being lent to people who cannot realistically afford to pay them back. Tougher advertising rules have also been introduced ensuring adverts must warn of the risk of not paying the loans back on time, and must include a line directing customers to free, independent debt advice. The FCA also has the power to ban misleading adverts.
Additionally, the FCA has recently published the proposals of its latest high-cost credit review. Many of the proposals tackle prevention, including new rules on fees from overdrafts, and raising the standards of sales practices in the home-collected credit sector. There is also a proposed cap on rent-to-own lending, the FCA is currently consulting on all of these proposals.

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