On 11th December 2013, Lord Selsdon asked Her Majesty’s Government what steps they are taking to regulate the issue of payday loans to those without a regular income.
The Bishop of Truro asked a supplementary question:
The Lord Bishop of Truro: My Lords, what consideration, if any, has been given to introducing a real-time database of payday loans in order to ensure that the proposed FCA rules can be properly monitored and enforced and, in particular, to avoid the problem—a special one at this time of year—of people being able to take out multiple loans from different companies at the same time?
Lord Newby: My Lords, a real-time database is one of the things that the FCA will be looking at. In some of the countries and US states where they have effective caps on the cost of payday loans, such systems have been seen to work efficiently and be very effective.