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Labour wants FCA to regulate payday loans

Shadow Treasury financial secretary Chris Leslie says regulation of payday loans should be handed to the Financial Conduct Authority.

Speaking at a fringe meeting on debt at the Labour party conference yesterday, Leslie said he would give the FCA the power to limit the interest rate and duration of loans.

He said: “There are campaigns about legal loan sharks and we believe it is necessary to put it on the face on the Financial Services Bill.

“The FCA should have responsibility to protect the consumer against detriment but also power over the total cost of the loan and the duration of high cost credit could be made available for vulnerable individuals.

“One of the things that worries me as much as the total cost is the rolling over of some of those provisions from month to month. It is one of the areas we do need to deal with in the reform process. There are also things to do around debt management plans too because of some of the debt management sharks have fee-charging arrangements.”

At the Liberal Democrat conference in Brighton last week, deputy chief whip Lord Dick Newby said the Government is poised to regulate the sector if it does not quickly introduce a code of conduct.


ICO on the hunt for PPI spammers

The Information Commissioner’s Office says it is in the process of hunting down the companies behind spam payment protection insurance texts, having issued its first monetary penalty notices against two illegal marketeers.


Pizza Express director takes top job at Your Move

Estate agents Your Move, which is part of the LSL Property Services Group, has appointed former Pizza Express operations director Helen Woodhouse as its new managing director. Woodhouse joined on 1 October. Her previous roles include head of commercial marketing at Woolworths and regional operations manager at Comet. She replaces David Newnes, who retains his […]

RBS stops non-advised interest-only mortgages

Royal Bank of Scotland has tightened its interest-only criteria and will now only offer this type of mortgage on an advised basis. The changes to RBS policy were enforced yesterday but the bank says no proactive communication was made to clients or intermediaries about the changes. Only those authorised to give advice can now complete […]


‘Our partnership mortgage is truly a new product’, claims Castle Trust

Head of Castle Trust Sean Oldfield has denied claims that his firm’s partnership mortgage, which is launched today, is the same as the shared appreciation mortgages offered by Barclays and Bank of Scotland back in the 1990s. Under the old shared appreciation mortgages, which were offered between 1996 and 1998, customers could borrow 25 per […]

The return of inflation

Alex Ralph, manager of the Artemis High Income Fund, sees further pressure on government bonds as inflationary pressures build on both sides of the Atlantic.


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