When you are an unauthorised (and therefore illegal) money lender... a worrying report from the BBC this morning and sadly one which seems to becoming more prevalent, particularly in the midst of the cost-of-living crisis.

As authorised, responsible lenders wrestle with the requirements of the Consumer Duty and focus on delivering good outcomes for their customers, the fact that increasing numbers of people feel the need to turn to these unauthorised money lenders, or ""loan sharks"", is a real concern. Moreover, the sector and especially regulation must ensure that we do not force more vulnerable people into the hands of loan sharks, but instead ensure we can continue to serve the needs to all members of society.

The financial services sector has a critical role to play in supporting customers and wider society. This reach is far and wide, and we all have a duty, government and regulators too, to ensure we can continue to provide access to finance for all. This means, amongst other things, that we must maintain the ability to offer products which remain commercially viable and necessary for everyone and more particularly support those who are most vulnerable in society.

The Consumer Duty requires us to look in detail at how we service our customers and deliver good outcomes; this is fundamental. We must also ensure we continue to offer access to all and serve the needs of society at large.

We all have a duty, government and regulators too, to ensure we can continue to provide access to finance for all