Extracts from the second reading (Lords) of the Creditworthiness Assessment Bill (private bill) - Nov 24
Sunday, 26 November 2017 11:16
Lord Bird (CB):...I will not go on, because there are some very
good speakers following me who can do all the numbers and so on. I
am very pleased that we have a tidy little bunch of people. The
Government have in some ways gone towards some of the things that
we need to do. In the Budget the other day, there was a suggestion
that there will be a £2 million competition to
support FinTech firms—which I think means finance
technology firms—to look at a financial or technological...Request free trial
(CB):...I will not go on,
because there are some very good speakers following me who can do
all the numbers and so on. I am very pleased that we have a tidy
little bunch of people. The Government have in some ways gone
towards some of the things that we need to do. In the Budget the
other day, there was a suggestion that there will be a £2 million
competition to support FinTech firms—which I think means finance
technology firms—to look at a financial or technological solution
to collecting this data. I should like to think that this is not a
torpedo but an attempt to carefully negotiate our way through the
body of knowledge that the Big Issue, Experian and others have
built up, bearing in mind that we do not want to leave people
behind. One of the worst problems with having a bad credit record
is if that, if you are buried in it, it closes down the whole of
your life and stops you living. We need to address that. I beg to
move...
...The Bill opens up the possibility of enfranchising a whole
group of people who are disfranchised now. FinTech goes towards the idea that
you can gather your own data and share it with a third party, which
may or may not choose to lend you the money. There are ways towards
a solution and the FinTech will come along, irrespective
of whether we see it in, but there is this entrenched idea. The
work of the Big Issue has proved that the evidence is there that
millions of people are being disfranchised, and that it is
affecting the health of the market. If we really want to find a
market-based solution let us look at a true one that includes those
people, who are not able to participate in the market...
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