Lib Dem peer Lord Rennard today welcomed the news that the Government will back an amendment which could cap pay-day loan interest rates.
Speaking as the Financial Services Bill received its second reading in the House of Lords, he said that the move would see tough action against loan sharks who preyed on the poorest.
The Government is now expected to bring forward its own amendment when the Bill receives its third reading next month.
Lord Rennard said: “As a Lib Dem I am delighted that coalition is now going to take tough action against loan sharks who may take unfair advantage of very vulnerable people and make obscene profits in the process.
“The need for proper regulation is very clear and now has support from all major parties.
“We need to end the misery inflicted by loan sharks on people who don’t understand how they operate or can’t see alternatives. We need to promote alternatives like credit unions.”
Published and promoted by Tim Gordon on behalf of the Liberal Democrats, both at LDHQ, 8-10 Great George Street, London, SW1P 3AE.