(8 years, 4 months ago)
Lords ChamberWill the Minister write to us all and not just the noble Baroness, Lady Jones, about the application in due course of the EU regulation and how that is to be effected?
Of course. I am pleased to give that reassurance. Implicit in most of the discussions we have had thus far is that, if a particular issue is raised by a noble Lord, I will include all noble Lords in discussions and correspondence.
I agree totally with my noble friend’s sentiments. It is right that those who are held accountable for this should take responsibility as well. The highest standards should be set, and Governments and government agencies should be setting those standards. As I said, this was brought to the attention of BIS, of the Minister, on 27 June. Subsequently, all further letters have ceased going out. We are looking at what other action needs to be taken. As I said, we shall look at what comes out of the Secretary of State’s meeting; I do not want to pre-empt anything in that regard. One thing is very clear, however: this practice was wrong. The Government agree with that sentiment and the practice has now stopped.
My Lords, when the practices that Wonga was engaging in came to light, the question of possible criminal liability was canvassed. Will that be investigated in the case of the Student Loans Company as well?
On the issue of criminal liability, the loans are, first and foremost, in two formats: mortgage-based or mortgage-style loans, which are no longer available; and those which are currently issued, which do not fall within the remit of the Consumer Credit Act. That said, we are currently taking appropriate advice to see whether there are any matters that need to be looked at in this way. Again, I assure the House that if such matters need to be brought to light in the House, appropriate action will be taken either through a Statement or, I am sure, through future Questions tabled in this regard.