Business of the House

Debate between Lord Young of Cookham and Siân C. James

Thursday 8th September 2011 Commons Chamber

[Sir George Young]

I am grateful to my hon. Friend. He will know that there is a commitment in the coalition agreement to introducing stronger consumer protection, including measures to end unfair banking and financial transaction charges. That is being taken forward in a review by the Department for Business, Innovation and Skills and the Treasury and, in July, they published the evidence that they had called for.

On cheques clearing faster, my hon. Friend will know that we now have instant banking, with money transfers taking place almost instantaneously. However, following the decision that cheques will not be withdrawn, the Payments Council is considering the options for speeding up cheque payments, which I hope will deal with the issue that he raises.

[Mrs Siân C. James (Swansea East) (Lab)]

Is the Leader of the House aware of the problem of telephone cold-calling that offers same-day loans? It appears to have overtaken loan sharking in parts of my constituency and to be targeting those who have lost their jobs or who are not able to raise loans through the normal channels of the banking system. Will he issue a statement on the matter?

[Sir George Young]

I am sorry to hear about the practice that the hon. Lady refers to. I will draw it to the attention of the Under-Secretary of State for Business, Innovation and Skills, my hon. Friend the Member for Kingston and Surbiton (Mr Davey), who has responsibility for consumer protection, and ask him to write to her outlining the steps that the Government believe can be taken to stop that practice.