CFA welcomes levy on consumer credit firms to support Illegal Money Lending Team
The Treasury have today (1st February 2016) announced in the House of Commons new powers for the FCA to levy consumer credit firms, in order to fund the Illegal Money Lending Team for the long term. This is the latest in a developing story since the Chancellor hinted at a levy in PMQs just before the new year.
Russell Hamblin-Boone, chief executive of the Consumer Finance Association said:
“The Consumer Finance Association and our members have long been supporters of the Illegal Money Lending Team. All firms operating in the financial services sector have a responsibility to protect consumers and ensure that the Illegal Money Lending Team is funded long into the future. A levy administered by the Financial Conduct Authority funded from across the financial sector is the correct way to go.”