Call for payday loan regulation

The chair of the Consumer Credit Counselling Service, Lord Wilf Stevenson has called for the payday loan sector to be regulated. The Labour peer claimed that amendments would be made to the Financial Services Bill, by the Government, in order for the sector to be regulated over the next year, should it fail to self-regulate. Lord Stevenson said: "The amendment calls on the financial authorities to come up with a scheme for regulating high-cost loans, or payday loans, within a year. The truth is that the people who earn least in our society have the most need to have access to short-term borrowing such as payday lenders so they can just get through the year."

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Hard to believe payday loans are not already regulated.