Posted on 2013-10-17 | 12:49

Roger is one of a cross-party group of MPs to have called on the Financial Conduct Authority to get tougher on exploitative payday lenders.

Payday lenders are ripping off millions of people, trapping them in spirals of debt. Proper regulation and enforcement are needed to stop them profiting at the expense of vulnerable people.

The Financial Conduct Authority (FCA) has published new proposals for regulating payday lenders. They are a step in the right direction, but do not go far enough to be really effective.

Speaking after he’d signed the petition, Roger said: “The proposals don’t tackle important issues including loan roll-overs and constant direct debits from people’s accounts, and they won’t come into force until October 2014. We need action now to protect people, not in a year’s time.”

You can sign the petition here.