We are publishing an update on progress and direction of travel in our high-cost credit review, indicating the further work we are doing and the timelines for our work.
High-cost credit review update (PDF)[1]
The update follows a Feedback Statement[2] we published in July 2017 which identified key areas of concern with the sector including arranged and unarranged overdrafts, rent-to-own, home-collected credit and catalogue credit.
We have been gathering further evidence from firms on these products and consumer research is currently being completed. We set out the issues we have identified and the actions we are considering.
We are prepared to look at solutions designed to increase the choice and encourage the availability of alternatives to high-cost credit.
Who this applies to
This update will be of interest to:
- consumer credit lenders that provide overdrafts (section 2), home-collected credit, rent-to-own and catalogue credit (section 3)
- credit unions and community development finance institutions (CDFIs) and commercial innovators in alternatives to high-cost credit
- trade bodies representing these firms
- social investors, foundations and other investors with an interest in alternative credit
- local authorities and other social landlords
- consumer organisations
Next steps | |
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May 2018 |
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Towards the end of 2018 |
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