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Oversight Committee

Part of Financial Services Bill (Money) (No. 2) – in the House of Commons at 8:30 pm on 10th December 2012.

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Photo of Stella Creasy Stella Creasy Shadow Minister (Home Affairs) 8:30 pm, 10th December 2012

It is wonderful to hear the hon. Gentleman talking about the positive aspects of capping. I suggest he look at total cost capping, because arrangement fees is not the only issue; there are also issues to do with late payment fees and the incentive they give lenders to push people to keep rolling loans over. Like the hon. Gentleman, I want this to be a future-proof—that is a dreadful term—proposal. We must also ensure lenders cannot get around it, however, which is why we need to cover all the costs involved.