Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association, which represents major short-term lenders operating in the UK, said:
“We welcome the Labour Party’s focus on responsibility in the short-term lending sector. CFA members are committed to a set of independently-monitored standards which are designed to protect consumers. These include capping the number of times a loan can be rolled over, clearly displaying the cost of a loan in £ and p, freezing interest and charges for people in difficulty and referring people to free debt advice. Our members all comply with strict advertising regulations.
“It is important that people have a choice of financial products to meet their needs and, whilst credit unions provide very different services to our members, we fully support the important role that they play. We also support well-designed well-implemented regulation and are working closely with the FCA as they prepare to take responsibility for our sector. We would welcome a dialogue with the Labour Party on these important issues.”
For more information, or for interviews with the CFA, please contact Rhiannon Thompson at email@example.com or on 07834 266 639