Extract from Lords debate on Cost of Living - June 9

Baroness Penn (Con):...My noble friend Lord Griffiths asked what the Government are doing to ensure responsible lending, as people may turn to credit in these times. The Government legislated to require the FCA to introduce a cap on the cost of payday loans, which came into force in 2015. We are also taking action to regulate “buy now, pay later” providers, although it is important to note that they provide an interest-free service, so it is not considered high-cost lending. None the less, the pace of expansion of those services means that regulation is important. We have also provided record levels of funding to the Money and Pensions Service this year, which includes free debt advice...

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