Payday lenders called to summit

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Government Ministers and regulators will meet with payday lenders and consumer groups today to discuss concerns about payday lending.

The summit will include
chief executives of the payday lending trade associations, heads of a number of major payday lenders, heads of consumer
group organisations including Which?, Citizens Advice and
Stepchange, and heads from
the Advertising Standards Authority, Financial Ombudsman
Service and Money Advice Service.

The Government said it wouldmake it clear that there are serious concerns about payday lending, that these loans are not right for a majority of people and that they result in many people not getting a fair deal.

The summit will look at what measures the FCA could introduce to reduce damage to consumers.

Consumer Minister Jo Swinson said: “The industry needs to do so much more to get its house in order, particularly in terms of protecting vulnerable consumers in financial difficulty.”