The Regulation of consumer credit is a matter for the Financial Conduct Authority (FCA). The government has given the FCA strong powers to protect consumers.
FCA rules are based on the principle that money should only be lent to a consumer if they can afford to repay it. The rules set out what is expected of firms, and the sanctions if they lend irresponsibly. The FCA requires all lenders to treat customers fairly, and to establish appropriate policies for dealing with vulnerable customers.
Treasury ministers and officials meet regularly with the FCA, and the government will continue to work closely with the FCA to ensure all customers are treated fairly.