Loans

Treasury written question – answered on 9th September 2019.

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Photo of Lord Myners Lord Myners Non-affiliated

To ask Her Majesty's Government what plans they have to ask the Financial Conduct Authority to investigate the risks in the guarantor loan market and the protections available to guarantors.

Photo of The Earl of Courtown The Earl of Courtown Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords)

The government has given the FCA strong powers to protect consumers and to act against firms and individuals that do not meet its standards.

In relation to guarantor lending the FCA has identified relending, insufficient affordability checks, and the increasing number of payments made by guarantors as the areas of potential harm to consumers. They are conducting supervisory work to assess these areas which will conclude in January 2021.

Treasury ministers and officials meet regularly with the FCA, and the government will continue to work closely with the FCA to ensure all customers are treated fairly.

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