Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps his Department is taking to protect customers from the high cost of (a) rent-to-own and (b) doorstep lending products.

The government transferred the regulation of consumer credit, including rent-to-own and doorstep lending, to the Financial Conduct Authority (FCA) in 2014. The Government has given the FCA strong powers to protect consumers, and the FCA proactively monitors the market, focussing on the areas most likely to cause consumer harm.

The FCA is reviewing the high-cost credit market, and has identified specific concerns in rent-to-own and doorstep lending. The FCA will publish an update on its work later this month.

Treasury ministers and officials meet regularly with the FCA, and the government will continue to work closely with the FCA to ensure all customers are treated fairly.