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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 short answer to that is yes. The FCA’s powers will be broad, and defined by practice rather than activity. We have been clear that it might not be just the level of interest charged, but other practices associated with the lenders that come within the ambit of the regulator. It is clear that it will use those powers vigorously to promote the interests of all our constituents.

I will leave my introductory remarks on that point. I am sure that Members wish to contribute and I will seek to respond to any points raised when I make my winding-up speech.