MP poised to launch Bill curbing payday lenders' 'rip-off practices'
A Labour MP is introducing a Private Member's Bill this week to protect people from payday lenders.
The Bill, which has cross-party support, will get its first reading in the House of Commons tomorrow.
Paul Blomfield, MP for Sheffield Central, wants to "properly regulate payday lenders and put a stop to their worst rip-off practices which badly exploit those who can afford it least".
The Bill will include provisions to control payday lender advertising and measures such as limiting lending and capping excessive charges to ensure that loans are affordable. It has been put together in consultation with Citizens Advice, whose chief executive, Gillian Guy, said: "It is a step towards protecting people from predatory practices and overcoming the problems payday lenders failed to address by breaking their promises to customers."
Mr Blomfield said: "It's a massive opportunity to shine a spotlight on the unacceptable practices of the dangers of payday money lenders and to do something to stop it."
But Russell Hamblin-Boone of the Consumer Finance Association said: "MPs will need to do their homework before voting for this Bill."
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 HeForShe campaign: Iceland to follow up Emma Watson speech with UN women's rights conference – for men only
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Ed Sheeran dedicates song to David Cameron
- 5 Now we know whose fault it is if you end up being murdered in Thailand
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Thailand beach murders: Hannah Witheridge 'was raped by two men before being killed'
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...