MPs have called for more regulation of debt management firms and high-cost credit providers to prevent the exploitation of vulnerable consumers. Payday lenders, commercial debt advice firms, the Money Advice Service and the bailiff industry were all singled out during an extraordinary Commons debate yesterday as areas where policy action was needed to improve consumer protection levels. Debt advice in particular, was singled out as an area where more intensive scrutiny of the commercial sector was needed, while further clarity was also required on the future of the free sector.

“The Money Advice Service is evidently a new body still trying to find its feet,” said Alex Cunningham, Labour MP for Stockton North. “But we desperately need a clarification of its role. For example, if it aims to co-ordinate debt advice, does that include fee-charging services?”.....Read more here---> MPs urge clampdown on consumer credit