Local MP, Sir George Young has paid a visit to Cash Converters in Andover on a fact finding mission.
Sir George was welcomed by area manager Ben Scrancher and business development manager John Colbert, before being shown around the busy store at the bottom of the High Street.
During the visit to Cash Converters, Sir George was told about the services offered in store before meeting some of the shop’s staff.
After watching the store in operation, Sir George said it was clear that the service was meeting the needs of a number of his constituents, many of whom were repeat customers.
The MP, who was first elected in 1974, discussed at length the best way to protect vulnerable consumers.
Sir George said: "I found it very useful to be able to meet the management team behind the store and understand the full suite of services and products on offer. It is apparent to me and many of my constituents that the services the company offers are useful in helping provide extra cash to individuals and families that may be experiencing short term cash flow problems, and who do not have access to more conventional means of borrowing. I know this is an area which the new Financial Conduct Authority will want to keep under review.”
During the visit, John advised Sir George that, as a company, Cash Converters welcomes regulation of the industry and encourages proper controls to protect customers. He was told that, as a specialist in second-hand goods retailing, pawn broking and the provision of a range of short term financial services, Cash Converters operates a responsible lending policy and adheres to the Consumer Finance Association Code of Conduct.
John added: “It was great to welcome Sir George to the Andover store and give him a detailed insight into the services that we offer his constituents. We work to the highest ethical standards, only lending customers an amount they can afford to repay, whichever service they use. We aim to build long-standing relationships with our customers and work with them to ensure they are not stretched beyond their means.”
Cash Converters is the UK’s number one retailer of pre-owned goods and the largest of its kind in the world. Since being launched in Australia in 1984 the company has grown enormously with more than 660 stores in over 21 countries worldwide.