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|FLA comment on FCA's Call for Input on High Cost Credit|
|Thursday, 16 February 2017|
|Commenting on the Financial Conduct Authority’s (FCA) Call for Input on High Cost Credit, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said: “The FCA is right to want to find out how higher-cost credit is used. But the questions in the Call for Input assume that it is possible to lump together very different products simply on the basis of price. The credit market is highly diverse and many products are priced for risk, as in other markets. Customers may experience problems for reasons quite unrelated to product design. It is important to maintain a supply of properly-regulated and responsibly-provided credit to people otherwise unable to access the credit markets. The FCA needs to ensure that the regulatory regime is proportionate and fact-based, and – for example – does not assume that measures designed to mitigate specific problems in one sector can be rolled over to others.”|
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