I have decided as that the foolish and vulnerable are not as foolish as you would like to believe and should be free to make their own choices, rather than have you and Frank impose your choices on them.

Excuse me?



I didn't give an opinion either way. I asked for clarification on your views.



You feel that that weak and vulnerable (and not everyone taking a pay day loan is weak or vulnerable, but most are), should be allowed to make their own mistakes...but then the outcry is "why aren't the government protecting us".



If the strong don't look after the weak, you get poverty.



Are you a banker, by any chance?

If you don't have an opinion, just who are you calling "foolish and vulnerable" ? Who are you calling weak? Who are these people that, unable to look after themselves, need your protection? How have you decided that most who use payday loan companies are weak or vulnerable?

No, I'm not a banker. Are you?

Do you deny that pay day loans are aimed the weak and vulnerable in society?



Do you think that the weak and vulnerable do not deserve the protection of society?



Do you seriously believe that pay day loan companies do not need regulating???



Are happy to pay higher to taxes to continue subsidising the weak and vulnerable, as the strong and rich continue to take advantage of them?



Where do you think rich people/organisations get their money?

I think more to the point. If you or I were to do this lending we would get our collars felt pronto and end up in jail.



But these companies do it, charging up to 3000%APR.



IIRC, fairly recently a guy was jailed from Bacup in Lancashire. He never threatened anyone, and some of his 'clients' spoke on his behalf.



Why are some 'crooks' jailed but other 'crooks' aren't for doing exactly the same thing ? Lending money at extrortionate interest rates.

Decent chap that I am, I'll answer your questions, even though you are unwilling or unable to answer mine.



1. Yes

2. No

3. No (and never in any post ever called for an abolition of regulation). The fact that you ask this implies that not only will you not answer questions, but that you are not even really reading posts.

4. The two facts seem unrelated.

5. By providing products and services that people want. Or inheritance. Or lottery and gambling wins

Where do you think they get it from?



Now, decent defender of the weak (or oppressor of the week) show you decency by reading and answering please.

Have you actually read any of the thread?

You are a Conservative Peer of the Realm and I claim my £5 (in benefits).



It's not about abolishing regulation, it's about actually introducing some!



Yes, that's how ethical companies do earn profits...a fair charge for a fair service. That's not the model for pay day loan companies. Of course, they offer a very good service for those who can afford them, but giving PAY DAY loans to people on benefits...really??

Well if we are happy to take gambling and alcohol sponsorship I see no reason not to take legal loan sharks money.

Absolutely. It's not the role of the RFL to act as the moral compass of society. That is for government to do.



Of course, gambling and alcohol are already well regulated, whereas pay day loans companies aren't. They could all be better regulated still further though.

Financial services are well regulated. Most of the thread has been about opinion, but that's just a plain fact.

I'm not a banker nor a conservative nor a peer of the realm. Nor is this thread some kind of "guess who" gameshow.



There is financial services regulation in place. You might not agree with some of it, in which case you could point to specific parts you don't like. That would make more sense than simply claiming there isn't any.



I believe it's ethical to allow people to make their own choices in life. You seem to want to oppress them and make their choices for them. Which is more ethical?