Thursday, May 19News That Matters
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New crackdown on high-cost credit charges

New crackdown on high-cost credit charges

Business
The country's financial watchdog has proposed a package of measures to help consumers who are facing high-cost credit charges. One of the main suggestions is a cap on prices in the household goods rent-to-own sector, with the Financial Conduct Authority (FCA) saying a consumer renting an essential such as an electric cooker costing £300 could end up with a £1,500 bill.The FCA said it had "identified a need to intervene to protect financially vulnerable consumers in this market".Also for consideration on the table is a ban on the sale of extended warranties at the point of purchase, which the watchdog said could save consumers up to £7.7m each year.It said it would also be consulting on reforms to bank overdraft charges, door-step lending and catalogue credit ...