Credit
(asked on 18th December 2017) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department or the Financial Conduct Authority has assessed the (a) uptake levels, (b) cancellation rates and (c) successful activation rates of debt freeze or waiver products by consumers who were sold those products alongside credit cards and other credit products.
This question was answered on 21st December 2017
The regulation of consumer credit is a matter for the Financial Conduct Authority (FCA). Any regulated firms offering contractual debt freeze or waiver products must comply with the FCA’s high-level principles, including treating customers fairly. In particular, the FCA has made it clear that firms developing and selling income and payment protection products must think carefully about how they meet the needs of customers. We have passed the Honourable Gentleman’s question on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.
The regulation of consumer credit is a matter for the Financial Conduct Authority (FCA). Any regulated firms offering contractual debt freeze or waiver products must comply with the FCA’s high-level principles, including treating customers fairly. In particular, the FCA has made it clear that firms developing and selling income and payment protection products must think carefully about how they meet the needs of customers. We have passed the Honourable Gentleman’s question on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.