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School of Applied Social Sciences

SASS Staff

Publication details for Professor Sarah Banks

Banks, S. (2013). Payday lenders are out of time in their fight against credit cap. The Conversation

Author(s) from Durham

Abstract

Pressure is mounting on high cost credit companies to face tighter controls when they hand out short-term loans. Debt advice agencies, consumer organisations, anti-poverty campaigners and a cross-party group of MPs have all joined calls for the Financial Conduct Authority to regulate the market when it starts work in April 2014.

A charter has now been published on the subject and the Labour Party has raised the political stakes by promising to introduce a cap on the cost of credit if it wins the next election.