Consultation response – Payday lending, Consultation on a Market Investigation Reference

To date, many commentators have been extremely critical of a market which they view as misleading vulnerable consumers and charging them extortionate rates for loans they would be better off without. Despite these widespread negative views, we believe that there is a positive role for some of the products found in the short-term credit market and that, properly regulated, they have the potential to be valuable components of UK financial markets.

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