Stella Creasy MP, Labour’s Shadow Minister for Competition and Consumer Affairs, responding to the Government and FCA’s responses to the BIS Select Committee’s report on Payday Loans, said:

“This report further highlights the need to act as quickly as possible to reform the consumer credit market, as well as the way in which it uses data. Labour is calling for the cap on the cost of credit to be brought forward to 2014 and for action on the way in which these companies manage consumers’ details following large numbers of complaints about their marketing techniques.

“At a time when families are being hit by a cost-of-living crisis, if Ministers were serious about action they would back Labour’s plans to give Britons the protection they deserve from these legal loan sharks”