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Proceeding contribution from David Drew (Labour) in the House of Commons on Monday, 25 January 2010. It occurred during Debate on bill on Financial Services Bill.

Financial Services Bill

But surely my hon. Friend the Member for Wolverhampton, South-West was saying that there is no competition. It is not that people are queuing up; they are offered loans on the doorstep by others from their community who, supposedly, are genuinely lending money, but there is no educative process and no ability to rationalise this and go out to other lenders. The lenders are preying on the most vulnerable. Is it not about time that we in this place tried to do something about it? We have had debates on whether there should be maximum repayment terms, but apparently we got nowhere with that. My hon. Friend is simply trying to put create some structure in an operation that is letting people down. What is wrong with that?

Secondary information

Type
Proceeding contribution
Reference
504 c567-8 
Session
2009-10
Chamber / Committee
House of Commons chamber
Subjects
Contracts Devolved matters Consumers Debts Bank services Banks Competition Cheques Credit agreements Credit Credit unions Building societies Bank of England Direct selling Credit cards Fees and charges EU law Financial services Financial institutions Exemptions Financial Services Authority Interest rates Financial markets Low incomes Northern Ireland Protection Pay Loans Office of Fair Trading Pension funds Registration Regulation Shares Unfair practices Council for Financial Stability
Legislation
Financial Services Bill 2009-10
Link
View this Proceeding contribution on www.publications.parliament.uk