|Yvonne Fovargue MP backs the Charter to Stop the Payday Loan Rip-Off
Yvonne Fovargue MP signing the Charter
Yvonne Fovargue MP has backed the Charter to Stop the Payday Loan Rip-off. The Charter calls for tougher regulation of payday lenders and is supported by some of Britain’s biggest debt, consumer and anti-poverty organisations – including Which?, Citizens Advice, StepChange Debt Charity, Church Action on Poverty, and the Centre for Responsible Credit.
MPs from all parties and campaigners are urging the Financial Conduct Authority to back the Charter and introduce tougher regulation of payday lenders to stop millions of people being ripped-off. Over 40 MPs and peers backed the Charter at its launch in Parliament on Tuesday 15th October and members of the public can back the Charter at change.org/paydayloancharter
Yvonne Fovargue MP said:
“I’ve signed the Charter because payday lenders are ripping off millions of people, trapping them in spirals of debt. The Financial Conduct Authority’s proposals for regulation are a step in the right direction, but they don’t go far enough. This is a once in a generation opportunity to get the proper regulation and enforcement of payday lenders that we badly need. If the opportunity is missed then payday lenders will be able to carry on exploiting people.”
“I’d encourage people to add their voice to the growing calls for tougher regulation of payday lenders by signing the Charter at change.org/paydayloancharter.”