High Cost Credit Bill

Part of the debate – in the House of Commons at 1:26 pm on 12 July 2013.

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Photo of Robin Walker Robin Walker Conservative, Worcester 1:26, 12 July 2013

I was very interested when my hon. Friend mentioned some forms of regulation of the investment sector and the banks, and argued in favour of the extension of such regulation to the payday loans sector. Does he accept that at the moment, banks and credit unions are paying towards the cost of financial advice, but payday lenders are not? Does he not find that an extraordinary situation—admittedly, one that we inherited from the previous Government, and one that we should try to rectify?