A committee of MPs has called for a ban on payday loan advertising on children's television, but the industry has dismissed their concerns.
Adverts could expose children to the idea that loans were "fun, easy and an appropriate way to access finance", the Business Select Committee report said, the BBC reports. But one major lender - Wonga - said it was a "myth" that it advertised on children's TV or programmes. It is also against the code of practice of one major payday loan trade body. Figures from regulator Ofcom showed that children aged four to 15 saw three million payday loan TV adverts in 2008, but this had grown to 596 million in 2012, accounting for 0.7% of adverts seen by this age group. This meant that the...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
