| answer text |
<p>The Government transferred the regulation of consumer credit, including rent-to-own
and credit cards, to the Financial Conduct Authority (FCA) in 2014. The Government
has given the FCA strong powers, including the power to cap the cost of credit, and
the FCA can do so if it thinks it is necessary to protect consumers.</p><p> </p><p>The
FCA is reviewing the high-cost credit market, and has identified specific concerns
in rent-to-own. The FCA will publish an update on its work in May.</p><p> </p><p>On
credit cards, the FCA has put in place a robust package of measures to address the
issues in the market. These measures should be given time to work.</p>
|
 |
