OFT report on payday loans - Chris Leslie20 November 2012
Chris Leslie MP, Labour's Shadow Treasury Minister, said in response to today’s OFT report into payday loans:
"Ministers have prevaricated while vulnerable people have been charged incredible rates of interest as they struggle to make ends meet. The Government should have accepted Labour's amendment to the Financial Services Bill currently in the House of Lords which would have given the new Financial Conduct Authority clear powers to tackle the overall cost and duration of these high-cost loans where they cause consumer detriment. The Government's inaction is staggering. This OFT report highlights many of the massive costs borne by some of the poorest in society and a reaction from Ministers is needed now."