New rules for the high-cost credit market

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This 906 word blog post looks at the findings of the FCA’s high-cost credit market review and considers the proposals they have put forward for consultation, with a focus on overdrafts but including mentions of rent-to-own, extended warranties and catalogue/store cards. Written on 31st May 2018.

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First they tackled high-cost payday loans, and now the financial services regulator is taking steps to crackdown on other forms of high-cost credit too. The Financial Conduct Authority (FCA) is bearing its teeth with new proposals aimed at protecting the millions of people who use overdrafts and other types of high-cost credit. It follows a detailed review of the high-cost credit market and, if properly implemented, could reduce costs for consumers, giving them greater control over their personal finances. In this blog post, we take a look at the findings of the FCA’s high-cost credit market review and consider the proposals they have put forward for consultation.