Press Release Summary = The other areas in which the government can take action include credit, saving, advice and insurance.
Press Release Body = As a part of its action regarding the nation's money, the government can take strong step to get tough on illegal money lending. Credit, savings, advice and insurance are among the key areas in which the government can take action.
London (apply-4-loans) 20 November 2006: Report from Treasury select committee reveals that the government is going to get tough on illegal money lending. The other areas in which the government can take action include credit, saving, advice and insurance.
In addition to taking stern action on illegal money lending, the government will also improve competition within the credit market and boost data sharing among lenders. Chairman of the committee, John McFall opines that there should be a system whereby people with limited savings can seek advice on their finance.
Head of external affairs at ifs School of Finance, Anne Kiem said that they welcome the committee\'s call on government to take much needed action in these important areas. She also added that the financial services industry can and should be doing more but there was also a need to educate individual consumers to make informed financial decisions.
It may be mentioned that borrowers can go online to gather enough information about different types of loans like holiday loans, business loans etc and pass up the trap of illegal money lenders.
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