Report finds FCA “guilty of regulatory failure” on credit cards

The Financial Conduct Authority is failing to adequately protect consumers from high interest costs on credit cards, according to a report.

Based on analysis of Bank of England’s Household Debt Survey, almost half of the poorest households are using their credit cards to pay for food or other living costs or to deal with unplanned emergencies, the Centre for Responsible Credit, New Economics Foundation, Jubilee Debt Campaign and Research for Action found.

Source: Credit Strategy
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