The FCA is guilty of ‘regulatory failure’. Politicians must act to protect low income credit card borrowers

A new report, published jointly by CfRC, New Economics Foundation, Jubilee Debt Campaign and Research for Action today, shows that the FCA are failing to adequately protect consumers from high interest costs on credit cards, and calls for a cap on the total cost of charges that borrowers pay.
The report includes new analysis of the Bank of England’s Household Debt Survey for 2018, which indicates that 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. Many of these borrowers are still paying more than £2 for every £1 borrowed despite recent rule changes from the regulator intended to address the problem of ‘persistent credit card debt’.

Source: Responsible Credit
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