Yesterday Government Minsters, the Office of Fair Trading and the Financial Conduct Authority, among others, met with payday lenders and consumer groups to discuss ongoing concerns regarding payday lending.

The summit also considered what measures the Financial Conduct Authority could introduce in 2014, when they become the regulator, in order to give greater protection to consumers.

Tracey said:

“There are real concerns over some aspects of the payday lending market and it is right that the Government convened this summit with the payday lending industry to discuss and make sure that more is done to protect consumers. However, it is now important that words are put into action.”

Tracey recently supported Paul Blomfield MP’s High Cost Credit Bill in Parliament, which seeks to tackle many of the issues and concerns surrounding payday lending. More details regarding the High Cost Credit Bill can be found here.

For more information on yesterday’s summit, please visit the Department for Business Innovation & Skills website.