Simon Read: Swinson must deliver on crackdown promise
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.At the Liberal Democrats party conference this week, consumer affairs minister Jo Swinson promised: "Later this month tough new rules proposed for payday lenders will be published by the Financial Conduct Authority (FCA), which takes over responsibility for the industry from April.
"We have given it sweeping new powers to ban products, impose unlimited fines and order firms to pay money back to consumers."
The FCA refused to reveal what its plans are but is expected to publish details late next week of what regulatory pressures payday lenders can expect from next April.
It's clear there needs to be a crackdown on many of the dubious practices used by unscrupulous lenders. Draconian fines will help as well as forcing firms to repay money to consumers.
So I'll look forward to the FCA's announcement with interest and trust that Ms Swinson wasn't just blowing political hot air but will back up her apparent commitment.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments