Instalment Credit: Interest Rates

(asked on 4th September 2017) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment his Department has made of the level of interest rates charged on rent-to-own goods.


Answered by
Steve Barclay Portrait
Steve Barclay
Secretary of State for Environment, Food and Rural Affairs
This question was answered on 12th September 2017

The regulation of consumer credit including rent-to-own and high-cost short-term credit is a matter for the Financial Conduct Authority (FCA).

Financial services must work in the best interests of the consumers and businesses they serve, and the Government has given the FCA strong powers to protect consumers. The Government welcomes the ongoing work of the FCA to review the high-cost credit market, including the rent-to-own sector.

We have passed the Member of Parliament’s questions on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.

Reticulating Splines