Last night, the Government voted against amendments to the Higher Education and Research Bill, proposed by Wes Streeting MP and lobbied for by Martin Lewis. Streeting proposed amendments which would:
- stop ministers changing student loan repayment conditions retrospectively
- see the Financial Conduct Authority regulate student loans
Martin Lewis has previously lobbied Universities Minister Jo Johnson and the Treasury, arguing that students who have started university from 2012 onwards have been mis-sold their loan agreements.
Cutting your costs, fighting your corner
For immediate release 22 November 2016
Martin Lewis brands student loan vote ‘tragic’
Consumer champion called for amendments to the Higher Education and Research Bill
On the news that the Government voted against important amendments on student loans in the Higher Education and Research Bill, Martin Lewis, founder of MoneySavingExpert.com, says:
“If you sign a contract, both sides should keep to it. If you advertise a loan, the lender should be held to the terms it was sold under. Thankfully in the UK we have laws and regulations to ensure this happens. With one exception – student loan contracts.
“Last night’s rejection of the amendments is tragic news. How can we tell young people to have faith in the system when changes can be made after the contract with the Government had been signed? No other lender would be allowed to do this.
“It feels like the Government is trying to play the types of tricks you’d expect from a payday lender. It had the opportunity to prevent this and turned it down. Many are already losing faith in the political process. This was a lost chance to uphold its reputation.”
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About MoneySavingExpert.com: MoneySavingExpert.com is dedicated to cutting consumers’ bills and fighting their corner. The free-to-use consumer finance help resource aims to show people how to save money on anything and everything, and campaigns for financial justice. Set up in 2003 for just £100, its free-to-use, ethical stance quickly made it the UK’s biggest independent money website, according to internet ranking site Alexa.com, and the number one ‘Business and Finance – Business Information’ site, according to Hitwise. It has more than 10 million people opted-in to receive the weekly Martin’s Money Tips email, and more than 14 million unique monthly site users who visit more than 23 million times a month. In September 2012, it joined the MoneySupermarket.com Group PLC.
About Martin Lewis: Martin Lewis OBE, Money Saving Expert, is the journalist and consumer campaigner who created MoneySavingExpert.com, the UK’s biggest money website. He’s the UK’s most internet-searched man, Citizens Advice’s Consumer Champion of the Year, and has spearheaded major financial justice campaigns including bank charges reclaiming (over six million template letters downloaded) and PPI reclaiming (over five million) and a successful large-scale campaign to get financial education in schools. He has his own prime-time ITV programme, The Martin Lewis Money Show, as well as regular slots as resident expert on Good Morning Britain, This Morning and Radio 5 Live, among others. He was appointed OBE in the Queen’s Birthday Honours in June 2014.