A charter aimed at tightening up regulation for payday lenders has been launched by a Labour MP.
Paul Blomfield, MP for Sheffield, has launched the Charter to Stop the Payday Loan Rip-Off in parliament on Change.org.
“Payday lenders are ripping off millions of people, trapping them in spirals of debt”, he wrote on the campaign website.
“We need proper regulation and enforcement to make this stop.”
The £7.5 billion payday lending sector has faced criticism for its high fees and exploitation of people who are financially struggling.
The Financial Conduct Authority (FCA) recently outlined its plans to regulate consumer credit, which includes the payday loans industry, when it takes over regulation powers from the Office of Fair Trading in April 2014.
Blomfield said that while the FCA’s plans are positive, they “don’t go far enough”.
In July, Citizens Advice urged payday loan customers to make a complaint if they feel they have been treated unfairly. The organisation’s chief executive said they see people everyday that have been left in “absolutely desperate situations by irresponsible lenders”.
The government has also stated it has concerns about payday loan advertising.
The Church of England recently made headlines when it was revealed that it has a small investment in Wonga. The revelation came after the archbishop of Canterbury said the church would try to compete the company “out of existence”.
Consumer group Which? urged the government to go further and clean up the entire credit market.
Executive director Richard Lloyd said, “The government and regulators have rightly focused on the scandal of payday lending, but they must not lose sight of the urgent need to clean up the whole of the credit market
“High street bank overdraft fees can be just as eye-watering as payday loans. Consumers need the credit market to work competitively.”
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years