PAYDAY lenders who ‘lure’ customers into taking unsuitable loans are being targeted by East Dunbartonshire MP Jo Swinson.
The Consumer Minister says she has received a number of complaints from constituents about the high-interest loan companies and that the Coalition Government at Westminster is taking their concerns seriously.
A new code of practice was recently launched and the Office of Fair Trading (OFT) will immediately start tackling irresponsible practices in the industry.
The Government will now put pressure on companies to sign up to the code, while advertising restrictions are also being considered.
Ms Swinson said: “The industry’s actions are completely unacceptable and we are taking serious steps to tackle the issue immediately as well as paving the way for tougher and more rigorous regulation in the future.
“The Coalition Government is determined to make sure that consumers are properly protected and that payday lenders stop taking advantage of vulnerable people.”
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