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Loans: Gambling

Treasury written question – answered on 18th October 2018.

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Photo of David Drew David Drew Shadow Minister (Environment, Food and Rural Affairs)

To ask the Chancellor of the Exchequer, what recent discussions has he had with the Financial Conduct Authority on the eligibility criteria used by lenders to tackle lending to people with that are addicted to gambling.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Regulation of consumer credit is a matter for the Financial Conduct Authority (FCA). The government has given the FCA strong powers to protect consumers.

FCA rules are based on the principle that money should only be lent to a consumer if they can afford to repay it. The rules set out what is expected of firms, and the sanctions if they lend irresponsibly. The FCA requires all lenders to treat customers fairly, and to establish appropriate policies for dealing with vulnerable customers.

Treasury ministers and officials meet regularly with the FCA, and the government will continue to work closely with the FCA to ensure all customers are treated fairly.

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