OFT to review pay day lenders in Isle of Man

Tynwald buildings, Douglas

Tynwald buildings, Douglas

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The Office of Fair Trading will be reviewing the need for further consumer protection from pay day lenders.

Treasury Minister Eddie Teare was quizzed in the House of Keys by Peter Karran (Lib Van, Onchan).

Mr Teare said it was a matter for the OFT which last year published a report concluding money lenders operating locally market were acting responsibly. He said the OFT will be reviewing that in light of planned new measures by the UK Financial Conduct Authority.

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