Today's FT carried the heading 'FSA chief seeks new consumer safeguards'. The pink newspaper is always worth a look but never more so than when it talks 'consumer protection' and I was certainly drawn to its headline this morning. I'm sure Lord Turner's remarks and timely interest in consumer protection is not unconnected with the anticipated relocation of consumer credit regulation from the OFT to the new FSA, Financial Services Authority, successor body (or one of them) the Consumer Protection and Markets Authority, CPMA.
The tried and trusted Consumer Credit Act looks likely to give way to a new Financial Services Act. Canary Wharf has never been what I would call close to front line consumers and nor to front line trading standards. In the new world of the CPMA and the already up and running Consumer Financial Education Board I very much hope that those bodies and people can relate to ordinary consumers and even trading standards officers. The lifts in Canary Wharf can quickly get you down from a great height to ground level. That is where consumer credit controls and enforcement against the terror of loan sharks have to be real.
Showing posts with label loan sharks. Show all posts
Showing posts with label loan sharks. Show all posts
Tuesday, 25 January 2011
Tuesday, 4 January 2011
Loan Sharks and Scams
Not everyone knows what an incredible and courageous job many of my trading standards friends do in tackling the menace of illegal money lending. The Government via BIS has funded a handful of teams to bring loan sharks to task and they have been spectacularly successful.
More than 500 loan sharks have been arrested, £37million of illegal debts have been written off, over £1.3million cash has been seized from the sharks, 16,000 victims have been helped, and £20million of assets are being investigated with a view to removing these from illegal money lenders.
The return on the funds provided has been immense and we have all been working hard to ensure that the funds did not fall foul of the Government's cuts to public spending. Imagine our delight when we saw the Consumer Minister Ed Davey MP announce on 28 December that funding would continue for this work and for our scambuster teams for the next year and probably to 2013.
In these cash strapped times for ordinary people the loan sharks are only too eager to sink their teeth into those desperate for money. That's is when the cycle of ever growing repayments and potential threats begins. Loan sharks beware.
More than 500 loan sharks have been arrested, £37million of illegal debts have been written off, over £1.3million cash has been seized from the sharks, 16,000 victims have been helped, and £20million of assets are being investigated with a view to removing these from illegal money lenders.
The return on the funds provided has been immense and we have all been working hard to ensure that the funds did not fall foul of the Government's cuts to public spending. Imagine our delight when we saw the Consumer Minister Ed Davey MP announce on 28 December that funding would continue for this work and for our scambuster teams for the next year and probably to 2013.
In these cash strapped times for ordinary people the loan sharks are only too eager to sink their teeth into those desperate for money. That's is when the cycle of ever growing repayments and potential threats begins. Loan sharks beware.
Friday, 17 December 2010
Christmas Spirit??
Christmas really started for me yesterday evening when I attended the Carol Concert for the National Hospital Development Foundation, NHDF, at St. George's Church, Queen Square, London.
It was a beautiful scene with snow falling which certainly put me in the mood. The NHDF is the fund raising charity for the National Hospital for Neurology and Neurosurgery and I have looked to support it because of the debt I owe the hospital as a patient and have raised funds over several years.
I was really pleased because the NHDF asked me to do a reading at the concert. Although I'm used to public speaking this was different and especially as the other readers were professional and well known actors. Nonetheless I caught my breath and read 'A Small Dry Voice' from 'Memories of Christmas' by Dylan Thomas. It was great fun and if you haven't read it yourself then I can recommend it as a starter for this festive season.
Then back to the harsh world of today and in my trading standards capacity I have been reminded of the crooks, scoundrels and cheats who use Christmas to fleece, scam and rob the vulnerable.
Loan sharks preying on those they know can't afford to buy presents for their loved ones. Counterfeiters passing off fakes as the real thing to unwary consumers. So at the festive time of year spare a thought for those that know nothing of the Christmas spirit and look only to crooked gain at the expense of others. Work with trading standards to stop them.
It was a beautiful scene with snow falling which certainly put me in the mood. The NHDF is the fund raising charity for the National Hospital for Neurology and Neurosurgery and I have looked to support it because of the debt I owe the hospital as a patient and have raised funds over several years.
I was really pleased because the NHDF asked me to do a reading at the concert. Although I'm used to public speaking this was different and especially as the other readers were professional and well known actors. Nonetheless I caught my breath and read 'A Small Dry Voice' from 'Memories of Christmas' by Dylan Thomas. It was great fun and if you haven't read it yourself then I can recommend it as a starter for this festive season.
Then back to the harsh world of today and in my trading standards capacity I have been reminded of the crooks, scoundrels and cheats who use Christmas to fleece, scam and rob the vulnerable.
Loan sharks preying on those they know can't afford to buy presents for their loved ones. Counterfeiters passing off fakes as the real thing to unwary consumers. So at the festive time of year spare a thought for those that know nothing of the Christmas spirit and look only to crooked gain at the expense of others. Work with trading standards to stop them.
Subscribe to:
Posts (Atom)
