Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to paragraph 4.13 of the Autumn Statement 2016, on the term convicted loan sharks, (a) what those offences were and (b) which agency has responsibility for prosecuting those offences.

The scheme referred to is at paragraph 3.45 of the Autumn Statement 2016. It is run by the England Illegal Money Lending Team, which has responsibility for taking action against loan sharks.

The Team prosecutes loan sharks under s23 Financial Services and Markets Act 2000, which provides that it is an offence for any person to carry on a regulated activity without permission (the relevant regulated activity being Article 60B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (entering into regulated credit agreements)). Additionally, the Team prosecute offences under s327 and s329 Proceeds of Crime Act 2002.

Funds are recovered from convicted loan sharks by confiscation orders under Part 2 of the Proceeds of Crime Act 2002.