The FCA has published a new web page concerning its work on motor finance.
The FCA notes that consumers’ use of motor finance has grown rapidly in recent years, with many credit products now available. In its Business Plan 2017-18 the FCA stated that it was looking at this market to develop its understanding of these products and how they are sold, and to assess whether the products cause harm to consumers and if the market is functioning as well as it could.
On its new web page the FCA discusses personal contract purchase, a form of hire purchase, and also sets out at a high level some of the key questions which it is now focusing on.
View FCA work on motor finance, 31 July 2017