Andrew Jones
Main Page: Andrew Jones (Conservative - Harrogate and Knaresborough)
Vince Cable
A great deal is happening on the payday loan front. The Office of Fair Trading is coming to the end of its investigation, which will result in action that is appropriate to the competition authority. Responsibility will shortly pass to the Financial Conduct Authority, which has more powers and can be more active in that field. We are looking, in particular, at how we can deal with misleading and dangerous advertising in that area.
Andrew Jones (Harrogate and Knaresborough) (Con)
At my surgeries I have met residents who have come to see me because they are anxious about having been ripped off or having been victims of mis-selling. What will the proposals do to help them get their money back?
Vince Cable
They will considerably improve the rights of redress, and there is a whole series of specific measures in the Bill, which will be debated at length, on how to achieve that. When we aggregate all the redress elements, we estimate that it will probably be worth something in the order of £4 billion over 10 years to consumers.