Credit: Regulation

(asked on 27th April 2018) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether his Department is taking steps to support the Financial Conduct Authority in regulating the high cost credit market.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 2nd May 2018

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.

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