ABCUL backs loan crackdown

The Association of British Credit Unions (ABCUL) has expressed it support for the governments targeting of loan sharks and illegal lending.

John Hutton, Secretary of State for Business, Enterprise & Regulatory Reform, announced the move, which will see £3 million worth of funding allocated to specialist teams.

The news comes as the Department for Work and Pension’s Now Let’s Talk Money campaign continues, funded by a £126 million investment intended to raise awareness of free money advice and affordable credit services.

"ABCUL and its members are delighted to hear that the government will be doing a lot more to stamp out illegal lending," said ABCUL chief executive Mark Lyonette

He continued: "Loan sharks are the scourge of less well off communities so any action that helps deal with this problem is good news.

"The government’s latest investment in cracking down on loan sharks will add extra weight to our work promoting safe, affordable financial services."

ABCUL is the trade association of more than 400 credit unions in England, Scotland and Wales.