Rachel Reeves calls on finance watchdog to intervene over Provident mail-shot for 535% APR loan

The chair of the Commons business select committee has demanded the financial regulator take action against the payday loan firm Provident, after it “cynically” advertised 535% APR loans over the Christmas period.

In the run up to Christmas, Provident’s mail-shot featured photographs of a small girl smiling and wearing a Christmas cracker hat. The direct marketing literature stated that it would not be Christmas without “the look on her face”.

Related: Wonga collapse clears decks for US payday loan firms in UK market

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