Gloria De Piero – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Gloria De Piero on 2014-04-30.

To ask Mr Chancellor of the Exchequer, what recent estimate his Department has made of the level of unscrupulous money lending in (a) the UK, (b) East Midlands, (c) Nottinghamshire and (d) Ashfield in each of the last five years.

Andrea Leadsom

The Government has not made an estimate about levels of unscrupulous money lending. The National Audit Office estimated that unaddressed detriment in the UK consumer credit market cost consumers £450m in 2011-12.

The Government has fundamentally reformed regulation of the consumer credit market. The new, more robust Financial Conduct Authority regime will help to deliver the Government’s vision for a well functioning and sustainable consumer credit market which is able to meet consumers’ needs.