Following today’s Government-led payday lending summit, Which? executive director, Richard Lloyd, said:
“With people increasingly turning to high cost credit to pay for essentials like food it’s good to see Ministers and regulators facing up to the widespread problems with payday lenders. Positive noises about tough new rules have come out of the summit but these must now be backed up with more concrete actions than we’ve seen today.
“It’s clear the industry must not wait for new rules to come in and must clean up its act without delay. More action is also needed by the whole of the credit industry and Government to come up with new ways of providing affordable credit to people that need it and can afford it.
“We will be watching closely to make sure the promises we heard today from ministers and regulators are kept, and quickly.”