To ask Mr Chancellor of the Exchequer, whether he plans to reduce the cap on the cost of credit offered by payday lenders.
11 January 2018
The Government placed a duty on the Financial Conduct Authority (FCA) to cap the cost of payday loans. As a result, this is a matter for the FCA, who are operationally independent from Government. The question has been passed on to the FCA. The FCA will reply directly to the honourable member by letter. A copy of the letter will be placed in the Library of the House.