Question to the HM Treasury:
To ask Her Majesty's Government, in each of the last six years, (1) how many times the Financial Conduct Authority (FCA) has asked a firm to outline how it calculates its annual percentage rates (APRs) except at the point of granting of authorisation; (2) where the FCA has discovered representative APR breaches, how many times it has required changes to a firm’s (a) website, and (b) product literature; and (3) how many firms have been referred to the enforcement division for resolution.
This question has been passed on to the Financial Conduct Authority (FCA). The FCA will reply directly to the noble Lord by letter. A copy of the letter will be placed in the Library of the House.