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Makerfield MP backs charter to tighten control on payday loans
6:20am Monday 21st October 2013 in News
MAKERFIELD MP Yvonne Fovargue is calling for tighter control of payday lenders.
Mrs Fovargue has backed a Charter signed by 40 MPs and supported by debt, consumer and anti-poverty associations aimed at preventing people being ripped-off with the offer of unsecured short-term loans.
Campaigners want the Financial Conduct Authority to back the Charter and introduce tougher regulation of payday lenders to stop millions of people being ripped-off.
She said: “I’ve signed the Charter because payday lenders are ripping off millions of people, trapping them in spirals of debt. The Financial Conduct Authority’s proposals for regulation are a step in the right direction, but they don’t go far enough.
“This is a once in a generation opportunity to get the proper regulation and enforcement of payday lenders that we badly need. If the opportunity is missed then payday lenders will be able to carry on exploiting people.
“I’d encourage people to add their voice to the growing calls for tougher regulation of payday lenders by signing the Charter at change.org/paydayloancharter.”
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