Responding to questions about the government’s position on payday loan caps, the PMS referred the lobby to HMT on the detail. The PMS understood that the bill as it stands would allow the new regulator, the FCA, to look at these issues already.
When asked if the government now supported a cap, the PMS said he understood the new regulator was able to look at this issue and the amendment put down would make it explicit.
The PMS said the OFT was half-way through an investigation and would report next year. The government would look at what they said and whether further action should be taken. The Financial Services bill was already in train and would bring this industry under the new FCA.
Briefing took place at 15:45 | Search for related news
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