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StepChange Debt Charity calls for OFT progress report

31 May, 2013

In response to the Public Accounts Committee report into the regulation of consumer credit StepChange Debt Charity’s external affairs director Delroy Corinaldi said:

“Today’s report confirms what we already know, that the Office of Fair Trading has been under-resourced and has not had sufficient powers to address problems in the consumer credit market.

“The best way for the OFT to address the committee’s findings would be to issue a detailed progress report on key areas of consumer detriment such as payday loans.

“Government needs to ensure that the OFT is adequately funded and resourced in the coming year to ensure that issues causing harm to consumers are not simply left alone ahead of the new regulatory regime and the Financial Conduct Authority assuming control of consumer credit in April 2014”.

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