We have seen a very significant concession from the FCA today. The regulator has acknowledged that ‘the provision of high cost credit can have a socially valuable function’ and that access to legal, regulated sources needs to be maintained.

 This is music to the ears to hundreds of responsible, specialist lenders serving small local communities up and down the country. These businesses are being choked out of the market by wave after wave of regulation designed to protect consumers but actually causing them harm by reducing their access and choice to legal products.

 Making the case for ‘high cost credit’ is a thankless but necessary task. My hope is that today we have drawn a line in the sand on the level of regulation the sector is able to bear.

Greg Stevens, 31^st January 2018