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UK watchdog leaves payday loan cap in place, eyes overdrafts

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UK watchdog leaves payday loan cap in place, eyes overdrafts

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LONDON (Reuters) – Britain’s financial watchdog said on Monday it won’t change the cap on payday loans, but would review it again in 2020. The Financial Conduct Authority said its review of so-called high-cost credit found that “fundamental” changes are needed in the way unauthorised bank overdrafts are handled. The watchdog said it has also identified “particular concerns” in the rent-to-own lending sector, home-collected credit and credit on goods bought in catalogues. The FCA said it was also doing more work on car finance, an area that has drawn close regulatory scrutiny in recent months.

(Reporting by Huw Jones; Editing by Rachel Armstrong)
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