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Personal debt levels are high enough to merit the whole sector coming under the microscope of the UK's financial regulator, the head of the Financial Conduct Authority (FCA) has said.
FCA chief executive Andrew Bailey said that the cap on payday lending had protected consumers. Now the whole of the high-cost credit market needed examination, rather than "picking off" specific issues, he said.The FCA is launching its mission statement for this financial year. The 36-page document has considerable focus on personal finances - including plans to protect vulnerable customers, a study of long-term savings, and the completion of compensation for the mis-selling of payment protection insurance (PPI).....Read more here
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