'disappointed' over delays to
Bill on borrowing
Waltham Forest Community Credit Union (WFCCU) Chief Executive, Claire Walters, has expressed disappointment over the decision to defer a vote on a Bill to create new regulatory powers to limit the cost of borrowing in the UK.
The Consumer Credit (Regulation and Advice) Bill was brought forward by Dr Stella Creasy, Labour MP for Walthamstow and Justin Tomlinson, Conservative MP for North Swindon. The Bill called for a cap on the total cost of any loan as well as reform of the banking system to promote greater financial inclusion.
According to Claire: “There are currently companies across the UK charging many thousands of percent on loans to people who simply cannot afford to repay them. The Bill would have brought an end to this state-sanctioned exploitation and given the poorest and often most marginalised members of our communities the protection they deserve.
“Naturally, we are disappointed that no decision has been reached but we will continue to campaign against these unscrupulous practices, and highlight the affordable and ethical alternatives offered by credit unions. Hopefully, by the time the vote takes place in October we will have convinced Parliament to provide the protection people need from these unscrupulous lenders.”
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