Rent-to-own market still has “fundamental problems”, says Citizens Advice
Citizens Advice has responded to the Financial Conduct Authority's (FCA) announcement of a £2.1m redress for customers of PerfectHome.
Gillian Guy, Chief Executive of Citizens Advice said:
"While today's announcement is good news for the 37,000 people affected, we need to recognise that there are still fundamental problems in the rent-to-own sector.
"This is the third time that the FCA has had to intervene in this market. The regulator must now put in place measures to protect people from expensive borrowing and spiralling debts.
"The FCA should use its upcoming high-cost credit review to build on the success of the payday loan cap and extend the same protections to rent-to-own customers."
Notes to editors
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