An eight-week consultation has been launched looking at how firms would have to comply with new rules.
Representatives of banks, debt charities, consumer groups and regulators have convened in Birmingham for a summit on Tuesday.Economic secretary to the Treasury, Andrew Griffith, said:"People should be able to access affordable credit, but with clear protections in place. That is why these proposed regulations are so important.
"Today's summit will also help regulators and banks better understand the best ways to support people who feel boxed in by debt and open up the financial system to people who find it more difficult to access."
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