Credit: Interest Rates

Treasury written question – answered on 23rd October 2018.

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Photo of Mark Hendrick Mark Hendrick Labour/Co-operative, Preston

To ask the Chancellor of the Exchequer, whether the Government plans to bring forward legislative proposals to prohibit payday loan companies from advertising their services on television.

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.

The FCA has introduced a tough set of detailed rules regarding firms’ promotions and advertisements, with the fundamental requirement that all advertisements and other promotions must be clear, fair and not misleading. Payday loan adverts are also subject to the Advertising Standards Authority’s (ASA) strict content rules. The ASA can ban irresponsible adverts, and has a strong track record of doing so.

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