England Illegal Money Lending Team: Finance

Treasury written question – answered on 14th September 2022.

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Photo of John Spellar John Spellar Labour, Warley

To ask the Chancellor of the Exchequer, if he will provide additional resources to the England Illegal Money Lending Team to tackle the threat of illegal money lending.

Photo of Andrew Griffith Andrew Griffith The Financial Secretary to the Treasury

The Government recognises the dangers of illegal money lending, and that is why the Treasury funds the Illegal Money Lending Teams (IMLTs) across the UK via an industry levy collected by the Financial Conduct Authority (FCA).

Since taking over funding of the IMLTs in 2017, the Treasury has increased their annual funding by 37%. For the 2022/23 financial year, the Treasury increased funding for the England Illegal Money Lending Team by over 6% compared to 2021/22.

HMT officials regularly meet the IMLTs to understand the latest intelligence and monitor how funding is being deployed. These discussions will inform decisions about the appropriate levels of funding for the next financial year.

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