Stella Creasy
Main Page: Stella Creasy (Labour (Co-op) - Walthamstow)
Mr Davey
My hon. Friend makes a good point. At the moment, certainly so far as Ofgem is concerned, the fines do not go to the consumer. This Government have consulted on changing that, however, and we are making provisions in the forthcoming energy Bill to ensure that any fines would go to consumers if malpractice had been proven. That might not apply to whatever offence is found as a result of these investigations, but we are changing the law so that when an energy company does not play fair by a customer, the customer will benefit from the fines imposed.
Stella Creasy (Walthamstow) (Lab/Co-op)
The Secretary of State trumpets the work that the Government are doing to tackle abuses in the markets that affect consumers, yet just today we have found out that 5 million people are having to turn to legal loan sharks because of the Government’s failure to regulate the consumer credit market. Will he give me an assurance that there will be no delay in taking action in relation to that market, so that those who are now facing bills that push them further and further into debt can get some redress?
Mr Davey
I am grateful to the hon. Lady for her question. She will know that consumer credit markets are regulated. I know she has been campaigning for a particular type of regulation and a particular type of credit, but it would be a caricature to say that consumer credit markets are not regulated at all. These markets are also regulated, and this Government have strengthened that regulation.