Senseless housing policy of offering unfurnished council homes is fuelling high cost credit, warns FCA
Industry News | 03/05/18
Financial Conduct Authority chief Andrew Bailey has slammed ministers for pushing tenants towards taking out costly loans
THE “senseless” social housing policy of offering tenants unfurnished council homes is pushing poor Brits towards high-cost loans, the head of a finance watchdog has warned.
Andrew Bailey, chief executive of the Financial Conduct Authority, said that it made “no sense” to be providing tenants with homes without essential furnishings.
He hinted that tenants were being driven to take out high-cost loans to buy cookers and washing machines – at three or four times the cost of ordinary goods.
Source: The Sun