Loan Companies: Interest Rates Debate

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Department: Ministry of Justice

Loan Companies: Interest Rates

Lord Dykes Excerpts
Thursday 3rd November 2011

(13 years ago)

Lords Chamber
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Baroness Wilcox Portrait Baroness Wilcox
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The answer is yes.

Lord Dykes Portrait Lord Dykes
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My Lords—

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Baroness Wilcox Portrait Baroness Wilcox
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People are most vulnerable to receiving these calls in their homes. We have all received them. I will take that question away, see whether there is anything further that we are doing and write to my noble friend.

Lord Dykes Portrait Lord Dykes
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Will the Minister also look into another serious abuse: the amount of money that currency exchange bureaux charge to customers travelling overseas for very small transactions in value, often with margins of 15 per cent either side? This is a serious abuse because they quote zero commission but charge a huge margin on those exchanges.

Baroness Wilcox Portrait Baroness Wilcox
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If they collect money that way, I suppose the Post Office would be their first stop. I will look into this but do not think that there is any intervention that we can make at the moment.