The financial watchdog, the FCA, wants to crack down on high-cost-credit, an issue which effects more than 3 million people in the UK. The Financial Conduct Authority has announced plans to cap fees in the rent-to-own market, where you can but furniture or appliances by way of weekly or monthly payments, at a high interest rate. They also want to crack down on doorstep lending, where the lender comes to your home and collects payments. It also wants stricter regulations on catalogue shopping, which also charge an extortionate amount of interest on the goods they sell. On overdrafts, the FCA … Read more
Weekly payment store BrightHouse (Trading name of Caversham Finance Ltd) has been told to pay out £14.8million in compensation and refunds after The Financial Conduct Authority (FCA) ruled that it had treated its customers unfairly.
The firm had agreed to pay 249,000 customers for unaffordable lending and payments which should have been refunded.
The Financial Conduct Authority said BrightHouse failed to be a ‘responsible lender’, and had not always delivered good outcomes for customers – particularly those at higher risk of falling into financial difficulty.
The payments related to 384,000 agreements between April 2010 and September 2016.
The Financial Conduct … Read more