Steve Brine tackled the issue of payday loans in the House of Commons as he questioned the Economic Secretary to the Treasury on Tuesday 29th January.
Steve pointed out that a number of his constituents had been caught out by the high interest rates charged, and wanted to know what the Government was doing to help hard-pressed families against bad practices in the industry.
Acknowledging that the Winchester & Chandler's Ford MP was passionate about the issue, Sajid Javid in answering for the Government explained that the transfer of regulation of consumer credit was being passed from the Office of Fair Trading to the new Financial Conduct Authority.
He said:"The FCA will have powers and sanctions to address consumer detriment in the consumer credit market, and we will shortly be publishing consultation on this very issue."
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