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The Co-operative Party
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Co-operative MP Stella Creasy has tabled an amendment to the Financial Services Bill which has cross party support, including from Conservative MPs. This would give regulators powers to tackle the problems caused by legal loan sharking. Please help this become law by asking your MP to join us and vote for this amendment next Monday 23 April 2012.
The Financial Services Bill covers many issues including reforming the way banks are regulated and the creation of a new Financial Conduct Authority. Crucially the new FCA will also oversee consumer credit – and have the power to act against companies who offer ‘toxic’ financial products. This amendment to Clause 22 would give this new body specific powers to cap the charges firms make for credit.
Fines will only have a limited impact on an industry which is making millions lending money at astronomical rates of interest to British families given the demand for their services in our current economic climate; an industry where in last year alone one firm posted a pre-tax profit of £162m, and another paid its chief executive £1.6m. On the otherhand, capping their charges would send a strong signal about what costs of credit will be tolerated in the UK. It’s the first step towards securing industry-wide caps on the total costs of credit, and so giving British consumers the same protection from these loans that others around the world enjoy.
Help us make a difference to the families in our communities struggling financially because of these companies by taking action – let’s together end legal loan sharking in Britain!
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