Economic news

UK regulator looks to support financially vulnerable

The UK’s financial agency has offered some actions to support people burdened with high-cost credit charges. Among the chief proposals is a restriction of rent-to-own household supplies prices.

The Financial Conduct Authority cited a case when a consumer, who rents something as an electric cooker that costs £300 eventually has to pay a £1,500 bill. The regulator explained that it deemed necessary to interfere to aid the financially vulnerable in the market.

Another measure is to forbid selling extended warranties at the time of purchase, able to save shoppers around £7.7 mln annually.

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