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Statement from Government on high-cost credit

The Department for Business has issued a statement after the release of a report today that concluded that the number of people relying on quick, high interest loans is rising.

The Government is currently looking at whether any action needs to be taken to address the problem, and about what action it might take.

Read the full statement from them below:

"The Government is concerned about problems in the high cost credit sector and is determined to address these, particularly for the most vulnerable people.

"The Office of Fair Trading have been conducting a compliance review of the payday sector and are due to issue their final report shortly. We strongly support any enforcement action they take forward and the steps they will take to improve standards across the sector."

– Spokesperson for the Department for Business

"Our intention is for the new Financial Conduct Authority to be given responsibility fo regulating consumer credit from 2014. This new regulator will have a diverse range of powers to address problems across all consumer credit markets.

"The Government is currently considering whether other action may be needed in the high cost credit sector."

– Spokesperson for the Department for Business

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