To ask Mr Chancellor of the Exchequer, what his Department's policy is on the introduction of a cap on the total cost of rent-to-own goods; and if he will make a statement.
Answered on
14 May 2018
The government is committed to protecting consumers from unfair lending practises. To this end, the government has given the Financial Conduct Authority (FCA) strong powers, including the power to cap the cost of credit, and it will do so if it thinks it is necessary to protect consumers.
The FCA is conducting a review of the high-cost credit market, including rent-to-own, and will publish an update later this month. The government will continue to work closely with the FCA to ensure that all customers are treated fairly.
Answered by
Treasury