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<p>The Government transferred the regulation of consumer credit to the Financial Conduct
Authority (FCA) in 2014 and has given the FCA strong powers to protect consumers.
This was demonstrated by the FCA announcement in October 2017 that BrightHouse, a
rent-to-own firm, would pay over £14.8 million in redress to 249,000 customers in
respect of agreements which may not have been affordable, and payments which should
have been refunded.</p><p> </p><p>The Government has also given the FCA the power
to cap the cost of all forms of credit, and the FCA can do so if it thinks it is necessary
to protect consumers. The FCA’s review of the high-cost credit sector has identified
concerns about the high costs of rent-to-own borrowing, as well as concerns about
repeat borrowing and refinancing in the doorstep lending sector. The FCA has said
that it will consult on proposed remedies in May 2018.</p><p> </p><p>Treasury ministers
and officials have meetings with a wide variety of organisations in the public and
private sectors as part of the process of policy development and delivery. Details
of ministerial and permanent secretary meetings with external organisations on departmental
business are published on a quarterly basis and are available at: https://www.gov.uk/government/collections/hmt-ministers-meetings-hospitality-gifts-and-overseas-travel.</p>
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