Department for Work and Pensions: Loans

(asked on 27th April 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps the Financial Conduct Authority takes to oversee and regulate loans made by the Department for Work and Pensions.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 4th May 2020

In 2014, regulatory responsibility for the consumer credit market was transferred to the Financial Conduct Authority (FCA). Whilst the FCA is responsible for regulating this market, HM Treasury sets the regulatory perimeter which informs the types of agreements that fall under the FCA’s remit. Loans made by the Department for Work and Pensions (DWP) do not fall within the FCA’s regulatory remit. For that reason, the FCA has not assessed the impact of these loans on the functioning of the market.

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