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FCA Call for Input – Your contribution is valuable…

The Financial Conduct Authority (FCA) has launched a Call for Input investigating high-cost credit, including a review of the high-cost short-term credit price cap. The FCA wishes to expand on its current work looking at high-cost products as a whole (including overdrafts) to see how these are used, whether they cause detriment, and if so, to which consumers. This will enable the FCA to consider any further policy interventions and their consistency across the market.

The CICM previously responded to the FCA’s 2014 consultation entitled ‘Proposals for a price cap on high-cost short-term credit’, and in our response, we highlighted our disappointment that the scope of the consultation was not extended to all forms of high-cost credit – including bank overdrafts.

CICM Chief Executive, Philip King, welcomed the above work of the FCA in this area, and you can read his blog from 10 November 2016 which refers to ‘Getting the balance right’, here.

We would encourage you to complete a short survey which will assist the Institute in formulating a response to this important Call for Input.

Please complete the survey by 17:00 on 7 February 2017  – thank you in anticipation.

To read more about current consultations being considered by the Institute, and past responses we have submitted, click here.