PARLIAMENTARY WRITTEN QUESTION
Credit: Interest Rates (12 June 2019)

To ask the Chancellor of the Exchequer, what recent steps his Department has taken to assist customers of payday loan companies that have gone into insolvency.

Asked by:
Dr Rosena Allin-Khan (Labour)

The Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility to the Financial Conduct Authority (FCA) on 1 April 2014.

Any outstanding complaints against payday loan companies that enter into insolvency are dealt with directly by the administrators of the companies in question. Customers should continue to make any outstanding payments as instructed by the administrators. The FCA has issued advice to customers of such companies, and the administrators are required by law to contact all known creditors to provide them with their proposals for administration.
Answered by:
John Glen (Conservative)
20 June 2019