Loan Companies PaydayCredit institutions Payday
Payment day loan company
F: To ask the Minister of Finance what he is doing to evaluate the changes in the number of individuals using illicit credit resources as a consequence of new rules and the introduction of the yearly tax on payday-lenders. Part A: The Department does not keep information on changes in the number of persons using illicit credit resources as a consequence of new rules and the annually levied on payday loan companies.
The Financial Conduct Authority (FCA), however, works in close cooperation with the UK's UK based International Financial Conduct Teams (IMLTs) in order to supervise developments and supervise the markets, and both have the authority to take measures where necessary, in particular the possibility of prosecuting those found to have granted credit unlawfully.
And I am conscious of the poverty that credit-sharks inflict on often endangered people. For this reason, the Ministry made 15 million available to the National Trading Standards Board (NTSB) and Trading Standards Scotland (TSS) in this fiscal year (2014/15). NTSB, the so-called TSW, uses special knowledge to combat the world' s most dubious profiteers, as well as illicit moneylenders.
Besides arresting loan dogfish, the NTSB and TSS are providing invaluable information and arming endangered consumer groups to prevent catches by illicit moneylenders. NTSB and TSS both provide the department with regular reports on new development and its success. As of April 2012, 1.5 million in pounds in the form of hard currency have been confiscated by illicit moneylenders and 47 people have been sentenced to imprisonment.
A change to the Banking Reform Act, which is now being considered by Parliament, will require the FCA to use its power when it adopts regulations in this area next year. However, given the Tory's aversion to limiting the price of legitimately practising artists, this looks remarkable after an effort to repeat the kind of policy gimmick for which Mr Miliband was criticized.