Loans: Gambling:Written question - 179079

Asked by Dr David Drew

Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 15 October 2018
Loans: Gambling
To ask the Chancellor of the Exchequer, what recent discussions has he had with the Financial Conduct Authority on the eligibility criteria used by lenders to tackle lending to people with that are addicted to gambling.
Answered by: John Glen
Answered on: 18 October 2018

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.

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