Andrew Smith MP

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Campaign against Payday Loan Rip-Off

PAYDAY10.jpgAndrew Smith MP has backed the Charter to Stop the Payday Loan Rip-off. 

The Charter calls for tougher regulation of payday lenders and is supported by some of Britain's biggest debt, consumer and anti-poverty organisations -- including Which?, Citizens Advice, StepChange Debt Charity, Church Action on Poverty, and the Centre for Responsible Credit.

MPs from all parties and campaigners are urging the Financial Conduct Authority to back the Charter and introduce tougher regulation of payday lenders to stop millions of people being ripped-off. Over 70 MPs and Peers have backed the Charter and members of the public can add their support at change.org/paydayloancharter 

Andrew said: "I've signed the Charter because payday lenders are ripping off millions of people, trapping them in spirals of debt. The Financial Conduct Authority's proposals for regulation are a step in the right direction, but they don't go far enough.

"This is a once in a generation opportunity to get the proper regulation and enforcement of payday lenders that we badly need. If the opportunity is missed then payday lenders will be able to carry on exploiting people.

"I'd encourage people to add their voice to the growing calls for tougher regulation of payday lenders by signing the Charter at change.org/paydayloancharter."

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