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Rent-to-own retailer BrightHouse has been told to pay £14.8m to 249,000 customers by the financial regulator, the Financial Conduct Authority (FCA). BrightHouse will compensate customers who had cancelled agreements after one downpayment but had not been refunded. It will also make payments to those who signed up to lending agreements that "may not have been affordable". The FCA said BrightHouse had not acted as a "responsible lender". The firm, which lets customers pay for household items such as washing machines and televisions on a weekly basis, has been criticised for its business model. In 2016 a BBC investigation conducted by Ed Miliband, the former Labour leader, highlighted the example of a £358 washing machine that ended up costing more than £1,000.
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