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Credit: Fees and Charges

Question for HM Treasury

UIN 121209, tabled on 5 January 2018

To ask Mr Chancellor of the Exchequer, whether he plans to reduce the cap on the cost of credit offered by payday lenders.

Answered on

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.

Answered by

Treasury