Ann McKechin
Main Page: Ann McKechin (Labour - Glasgow North)
Vince Cable
As many of us know from our constituency work, there are a large number of consumer rip-offs. The purpose of this legislation is to provide for much stronger redress, particularly in internet trade, which is growing rapidly—we have had the most rapid growth of any country outside Finland—and we must bring consumer legislation up to match it.
Ann McKechin (Glasgow North) (Lab)
Glasgow’s Evening Times reported this week that one in five Glasgow citizens is currently using payday loans to try to meet everyday costs. What measures do the Government propose taking in their new legislation to protect consumers and, in particular, control the rollover of payday loans, which is often the nub causing people to go into serious debt?
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.