Financial Services Regulation Debate

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Department: HM Treasury

Financial Services Regulation

Mary Creagh Excerpts
Wednesday 16th June 2010

(14 years, 5 months ago)

Commons Chamber
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George Osborne Portrait Mr Osborne
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Indeed, my hon. Friend is right: certainly, if the accounts are true, that was the approach taken by the former Prime Minister. I am not sure whether he did so with the knowledge of the former Chancellor, but I guess that we have to wait for the flurry of memoirs to find out.

Mary Creagh Portrait Mary Creagh (Wakefield) (Lab)
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This weekend, there was an advertisement for a pay-day cheque service that had an interest rate at the bottom of the screen of 236%. Given that the Chancellor is about to make changes to the FSA’s consumer protection function, does he think that 236% interest is fair, and if it is not, what will he do about it?

George Osborne Portrait Mr Osborne
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The OFT will shortly publish a report on high-cost credit that will address some of these issues, and the hon. Lady is absolutely right to be concerned about them. One of the things that I hope will flow from the institutional arrangements that we are putting in place is a stronger voice for the consumer to ensure that particularly the most vulnerable people in our society are protected from exploitation.