PPI Claim News - 7/3/2012
Credit card charges: Government publishes debt management report
The Business, Innovation and Skills Committee has published a report dealing with payday loan charges, financial advice firms and other issues relating to the debt management industry.
Chairman of the group Adrian Bailey MP argued some of the UK's most vulnerable people rely on money lenders during the ongoing difficult economic climate.
However, he argued the sector is "opaque and poorly regulated", noting very little appears to have been done to rectify this problem since the conclusion of a government consultation nearly 12 months ago.
The committee made a series of recommendations regarding new legislation and restrictions on debt management, consumer debt, the money advice service and payday loans.
Mr Bailey stated: "The government must be prepared to regulate if consumers are to receive the protection and the level of information they require."
Commenting on this report, Which? chief executive Peter Vicary-Smith said it shows why new financial regulators should be open, strong and proactive, working for members of the public and not the industry.
Amir specialises in personal loans, consumer debt and debt management.
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