Instalment Credit

Treasury written question – answered on 5th July 2018.

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Photo of Paul Blomfield Paul Blomfield Shadow Minister (Exiting the European Union)

To ask Mr Chancellor of the Exchequer, what recent discussion he has had with the Financial Conduct Authority on the cap on rent-to-own lending to start in April 2019.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Treasury ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. This includes regular meetings with the Financial Conduct Authority (FCA) to discuss relevant regulatory issues.

The government welcomed the FCA’s May update on high-cost credit, including a proposal to cap the cost of rent-to-own. The Government will continue to work closely with the FCA to ensure that all rent-to-own customers are treated fairly.

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