§ Lord Marlesfordasked Her Majesty's Government:
Whether they are satisfied that companies or other organisations or individuals soliciting the opportunity to lend money to young persons are authorised to do so; and, if so, whether they will publish in the Official Report a list of those who are so authorised. [HL2346]
§ Lord McIntosh of HaringeyCompanies or other organisations which offer loans to consumers for amounts up to £25,000 generally require a licence issued under the Consumer Credit Act 1974. The Director General of Fair Trading is responsible for administering the consumer credit licensing system and maintains a public register of licence holders.
§ Lord Marlesfordasked Her Majesty's Government:
Whether they approve of banks granting overdraft facilities to young persons who are not employed, such as students, and who have no collateral security; and, if they are not satisfied with present practices, what steps they propose to regulate the situation. [HL2347]
§ Lord McIntosh of HaringeyBanks' decisions on lending are a matter for their own commercial judgment. TheBanking Code sets out the factors that are taken into account by the banks when considering whether or not to lend. The age of the applicant and the applicant's ability to repay are two of these factors.