HM Treasury written question – answered at on 13 November 2014.
Chris Ruane
Labour, Vale of Clwyd
To ask Mr Chancellor of the exchequer, if he will commission research on the effects of levels of advertising by payday loan companies on average levels of personal debt.
Andrea Leadsom
The Economic Secretary to the Treasury
The Government is committed to tackling consumer harm in the payday lending market wherever it occurs, including in the marketing of payday loans.
Payday loan adverts are subject to the Advertising Standards Authority’s (ASA) strict content rules. The ASA enforces the rules set out in the UK Code of Broadcast Advertising. The Code requires that all adverts are socially responsible, and prohibits lenders from deliberately targeting vulnerable people.
The ASA has powers to ban adverts which do not meet its rules, and has a strong track record of doing so - since April 2013, the ASA has banned 25 payday loan adverts.
The FCA has also introduced robust new rules for payday loan adverts, including the introduction of mandatory risk warnings and a requirement to signpost to free debt advice. The FCA also has powers to ban misleading adverts which breach its rules.
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
