FCA Update on High Cost Credit

19/02/2018

The FCA has published an update on its high-cost credit review

The FCA has published an update on its high-cost credit review. This covers areas where the FCA has concerns – Rent to Own, home-collected credit, catalogue credit and other alternatives, there are no such concerns in relation to pawnbroking. The FCA remains concerned over high fees for unarranged overdrafts. There will be an update in May 2018. They want to reduce detriment in certain high-cost credit industries. A consultation on FCA recommended remedies is planned for the end of the year.