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G7N6BM1v
a
Resource
Answer
Written answer
answer has question
w5bcJmqf
answer has answering person
John Philip Glen
answer text
<p>On 1 April 2014, regulation of the consumer credit market, including payday lenders, was transferred to the Financial Conduct Authority (FCA). The government has given the FCA strong powers to protect consumers and to take action against firms and individuals that do not meet its standards. In 2017, the FCA issued total fines of £229 million.</p><p> </p><p>The government legislated to require the FCA to introduce a cap on the cost of payday loans, which came into force on 2 January 2015. The FCA published a feedback statement in July 2017, showing that the price cap has been effective, leading to savings of approximately £150 million for 760,000 individuals using payday loans each year.</p>
answer given date
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HM Treasury
written answer has answering body
HM Treasury
HM Treasury
answering body has written answer
G7N6BM1v
answering body has answer
G7N6BM1v
w5bcJmqf
question has answer
G7N6BM1v
John Philip Glen
answering person has answer
G7N6BM1v