Early day motion tabled by primary sponsor Mary Glindon (Labour), on Wednesday, 15 May 2019, in the House of Commons. It is signed by 29 members in total.

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LOAN SMART

That this House recognises that over 300,000 people borrow money from illegal money lenders or loan sharks, often without realising it is illegal and that the lenders are not authorised by the Financial Conduct Authority (FCA); notes that the FCA found that 45 per cent of borrowers from illegal lenders had been verbally abused or physically threatened; further notes that 36 per cent of consumer credit enquiry calls to the FCA's Consumer Credit Centre involve status and regulation, including checking on a firm's authorisation status; warmly welcomes Loan Smart, a new charity formed to help highlight the dangers of illegal money lending, including through a new free website where people can check easily whether a lender is fully authorised by the FCA and which signposts other useful websites including PayPlan, Citizen's Advice, Money Advice Service and Stop Loan Sharks; and commends Loan Smart's series of local initiatives run volunteers to help spread the message about the dangers of loan sharks.

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Secondary information

Type

Early day motion

Reference

2395 

Session

2017-19

Other sponsors

Kelvin Hopkins

Jim Shannon

Mark Hendrick

Chris Stephens

Hugh Gaffney

Subjects

Charities Borrowing Money lenders Regulation Loan Smart

Link

View this Early day motion on edm.parliament.uk