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Payments & FinTech Lawyer

FCA consults following review of high-cost credit market

On 31 May 2018, the UK’s Financial Conduct Authority (‘FCA’) published two consultation papers following its review of the high-cost credit market: a consultation paper on rent-to-own, home-collected credit, catalogue credit and store cards, and alternatives to high-cost credit (CP18/12); and a consultation paper on overdrafts (CP18/13). The consultation period for both papers ends on 31 August 2018, with an earlier date of 13 July 2018 for comments on the rent-to-own discussion questions in CP18/12. John A. Lunn, Partner at Morton Fraser Lawyers, highlights some of the key proposals put forward in the consultation papers, particularly on overdrafts (both arranged and unarranged) where the FCA has signalled that it is proposing some significant interventions in relation to both pricing and the repeat use of overdrafts by consumers.

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