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Oversight Committee

Part of Financial Services Bill (Money) (No. 2) – in the House of Commons at 7:30 pm on 10th December 2012.

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Photo of Greg Clark Greg Clark The Financial Secretary to the Treasury 7:30 pm, 10th December 2012

The hon. Gentleman knows that the term, “payday lender” is relatively informal and loose. It is important for the FCA to have the powers it needs to protect consumers. Its focus should be on the consumer, rather than on a current definition of a practice pursued by a supplier. That is the way it is cast and it is the right power. From the discussions in the House of Lords last week—as he might imagine, I paid close attention to them—it was apparent that everyone who has taken a close interest in the past weeks, months and, in some cases years, was content that the powers vested in the FCA, which are clarified in the amendment, address all the concerns shared on both sides of the House.