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  • Give struggling consumers a helping hand, UK tells high cost credit firms

Give struggling consumers a helping hand, UK tells high cost credit firms

Britain's markets regulator told high-cost credit providers on Thursday to reduce risks for customers during the cost of living crisis with measures such as stepping up affordability checks and pointing the vulnerable towards debt advice charities.

by | 6 Oct, 2022

In a “Dear CEO” letter to 700 providers of products including guarantor loans, doorstep lending and “rent-to-own” credit, the Financial Conduct Authority (FCA) said it supported a “sustainable and effective” high cost lending market.

However it said it would continue to seek to raise standards, focusing in part on how products are described and promoted, affordability assessments, complaint handling and support for those struggling with personal debt.

Read more at Reuters

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