Ms Gráinne McEvoy:

To be honest, that is a tricky one. It falls outside our remit. We would always support and provide technical assistance on draft legislation, in whatever form. From our perspective, our regulatory regime has been strengthened and enhanced on a number of occasions over a number of years. We are very much in the space of greater transparency and greater disclosure to empower consumers and make them aware that this is a high cost of credit and that there are supports elsewhere in the system if needed; to ensure rigour and additional regulation around firms to signal that these are high-cost loans; and to ensure the firms have appropriate marketing strategies that are not marketed at certain groups of customers. We try to ensure that companies do not issue loans, or give pre-approval or pre-credit for a new loan, to a customer who is already paying off an existing loan. This is to restrict or stifle that spiralling effect that can often happen whereby people, particularly customers of moneylenders, might find themselves in a downward spiral.