Commenting on The Financial Conduct Authority’s (FCA) announcement of tougher regualtion for the UK’s payday lenders, Communities & Tackling Poverty Minister Jeff Cuthbert said:
“The FCA’s moves against payday lenders are a step in right direction, but more needs to be done, especially on the sky high interest rates these companies charge.
“Communities across Wales are facing a squeeze on their incomes and the most vulnerable are starting to feel the full force of cuts to welfare. I am deeply worried that this combination will mean more and more people being tempted by these loans simply to make ends meet.
“There are so many reasons to be concerned by the growth of payday lenders, from the way they assess a person’s ability to afford a loan, to the torrent of advertising that can be seen in our newspapers, on TV and online.
“I want to see regulators and the UK Government take tough action on this sector.
“The Welsh Government is supporting the expansion of credit unions as an alternative to high-rate loan providers .We have a target of getting 6% of the Welsh population being credit union members by 2020.”
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