Department for Work and Pensions: Loans:Written question - 40456

Asked by Neil Coyle
(Bermondsey and Old Southwark)

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: 27 April 2020
Department for Work and Pensions: Loans
To ask the Chancellor of the Exchequer, what steps the Financial Conduct Authority takes to oversee and regulate loans made by the Department for Work and Pensions.
Answered by: John Glen
Answered on: 04 May 2020

In 2014, regulatory responsibility for the consumer credit market was transferred to the Financial Conduct Authority (FCA). Whilst the FCA is responsible for regulating this market, HM Treasury sets the regulatory perimeter which informs the types of agreements that fall under the FCA’s remit. Loans made by the Department for Work and Pensions (DWP) do not fall within the FCA’s regulatory remit. For that reason, the FCA has not assessed the impact of these loans on the functioning of the market.

Grouped Questions: 40457

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