Credit: Interest Rates

Treasury written question – answered on 28th November 2018.

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Photo of Stephen Twigg Stephen Twigg Chair, International Development Committee

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of extending the cap on interest and charges relating to payday lending to (a) credit cards and (b) overdrafts.

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

On 1 April 2014, regulation of the consumer credit market, including the power to cap the cost of all forms of credit, was transferred to the Financial Conduct Authority (FCA).

We have passed the Honourable Gentleman’s question on to the FCA, who will reply directly by letter. A copy of the letter will be placed in the Library of the House.

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