Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether his Department has made an assessment of the potential merits of extending the total cost cap on payday lending to high-cost credit products.

The Government is committed to protecting consumers from unfair lending practises. To this end, the government has given the Financial Conduct Authority (FCA) strong powers, including the power to cap the cost of credit, and it will do so if it thinks it is necessary to protect consumers.

The FCA is conducting a review of the high-cost credit market, and will publish a substantive update in May. The government will continue to work closely with the FCA to ensure that all customers are treated fairly.