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| Version 3 | Version 4 |
|---|---|
| Ministers promise measures to cap payday loans | Ministers promise measures to cap payday loans |
| (4 months later) | |
| In a major climbdown, the government has promised to table measures that will put a cap on payday loans and give powers to the new Financial Conduct Authority powers to act against rogue lenders. | In a major climbdown, the government has promised to table measures that will put a cap on payday loans and give powers to the new Financial Conduct Authority powers to act against rogue lenders. |
| The move came in backstage talks in the Lords as ministers faced defeat on a cross-party amendment backed by Lord Mitchell, the Archbishop of Canterbury elect, Baroness Howe and Baroness Grey-Thompson. | The move came in backstage talks in the Lords as ministers faced defeat on a cross-party amendment backed by Lord Mitchell, the Archbishop of Canterbury elect, Baroness Howe and Baroness Grey-Thompson. |
| In talks over Wednesday lunchtime, the government has promised to come up with a version of the amendment tabled by the quartet when the financial services bill returns for its third reading next week. In a sign of goodwill, the government has promised that it will give the quartet an effective veto over the amendment it tables. | In talks over Wednesday lunchtime, the government has promised to come up with a version of the amendment tabled by the quartet when the financial services bill returns for its third reading next week. In a sign of goodwill, the government has promised that it will give the quartet an effective veto over the amendment it tables. |
| The original amendment proposes the "FCA may make rules or apply a sanction to authorised persons who offer credit on terms that the FCA judge to cause consumer detriment. This may include rules that determine a maximum total cost for consumers of a product and determine the maximum duration of a supply of a product or service to an individual consumer." | The original amendment proposes the "FCA may make rules or apply a sanction to authorised persons who offer credit on terms that the FCA judge to cause consumer detriment. This may include rules that determine a maximum total cost for consumers of a product and determine the maximum duration of a supply of a product or service to an individual consumer." |
| A Labour source said they suspected that the government, following heavy defeats in the Lords this week on the courts bill, recognised it was likely to be defeated on this amendment and saw no point in any further resistance. | A Labour source said they suspected that the government, following heavy defeats in the Lords this week on the courts bill, recognised it was likely to be defeated on this amendment and saw no point in any further resistance. |
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