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High-cost credit is used by over three million consumers in the UK, generally those who are the most vulnerable. In light of this, the FCA is continuing its focus on the protection of consumers and its ongoing assessment of vulnerability with a consultation on the high-cost credit and overdraft sect
Why now? The FCA withdrew its previous guidance on unfair contract terms back in 2015 and 2016 and has issued draft guidance for consultation based on current legislation. The new guidance sets out the FCA’s understanding of how current laws on unfair terms operate in the context of variation term
The historic customer detriment caused by the actions of financial services firms has sent consumer protection to the top of the FCA’s agenda, with a focus on vulnerable customers. Firms are now under increasing pressure to review policies, procedures and controls to ensure they consider and prote
In a feedback statement issued in July 2017, the FCA outlined a number of concerns within the sector, including overdrafts, rent-to-own, home-collected credit and catalogue credit. The regulator’s ongoing work in this area has highlighted a need for market intervention, but also limitations in wha
Have you ever heard something so many times it loses its intended meaning? We are probably all guilty, in both our personal and professional lives, of building up a bank of ‘stock phrases’ which we use time and time again, but which, with each use, loses meaning and impact. As the regulator shif