This meeting took place on 9 December 2014. Read the transcript for the first section here and the second section here.
Two per cent of a sample of 2,500 people in the UK have borrowed from a loan shark.[1] This appears relatively low, but due to the reluctance of people to report this activity, what is the real scale of the problem in London and has it grown? Debt advice providers are clear that more public awareness and monitoring are urgently needed to deter people from using illegal lenders. Instead, they should be encouraged to seek debt advice or more affordable credit. The London Assembly Economy Committee will tomorrow examine attempts to address illegal money lending in the capital, as well as private and public sectors creditors’ behaviour and their approach to supporting those in problem debt. The first section of the meeting will question:
Russell Hamblin-Boone, Chief Executive, Consumer Finance Association
Ian Fiddeman, Policy Director, British Bankers Association
Frank McKillop, Policy Manager, The Association of British Credit Unions
The second section of the meeting will focus on the extent of illegal money lending in London and Council’s debt recovery procedures. The following guests will be questioned:
Tony Quigley, Head of the England Illegal Money Lending Team
Rob Gardner, Licensing and Trading Standards Manager, LB Lambeth
Sheila Lahey, Fair Trading Officer, LB Enfield.
Charles Okello, Operations Manager, LB Lambeth.
Maureen Smith, Client Performance Manager, LB Lambeth
The meeting will take place on Tuesday, 9 December from 10:00am in Committee Room 5, at City Hall (The Queen’s Walk, London SE1 2AA). Media and members of the public are invited to attend. The meeting can also be viewed via webcast. Notes for editors:
John Gathergood, University of Nottingham, Economy Committee, 4 November 2014.
Agenda papers can be viewed online.
Jenny Jones AM, Chair of the Economy Committee is available for interview – see contact details below.
As well as investigating issues that matter to Londoners, the London Assembly acts as a check and balance on the Mayor.
For more details, please contact Lisa Lam in the Assembly Media Office on 020 7983 4067. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit, on 020 7983 4100.