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Citizens Advice responds to FCA's Trends in the high-cost short-term credit market

24 Ionawr 2019

Citizens Advice has responded to today’s announcement that more than 5.4 million loans were taken out in the year to 30 June 2018.

Gillian Guy, Chief Executive of Citizens Advice, said:

“These credit products are aimed at people who have little choice but to borrow to meet the cost of essentials, often leaving them heavily in debt after taking out small loans.

“Our evidence shows that well-designed caps can prevent costs spiralling out of control, as the FCA has done in the payday loan market.

“The FCA has announced a cap on rent-to-own which is good news and this needs to include a limit on arrears charges when it’s introduced in April.

"It must also build upon these protections by capping the cost of doorstep loans."

Notes to editors

  1. Citizens Advice includes the national charity; the network of independent local Citizens Advice charities across England and Wales; the Citizens Advice consumer service; and the Witness Service.
  2. Citizens Advice is the statutory consumer advocate for energy and post. We provide supplier performance information to consumers and policy analysis to decision makers.
  3. The Citizens Advice Witness Service provides free, independent support for prosecution and defence witnesses in every criminal court in England and Wales.
  4. Citizens Advice offers Pension Wise services at 500 locations in England and Wales.
  5. Citizens Advice’s services are free, independent, confidential and impartial, and available to all regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  6. To get advice online or find your local Citizens Advice, visit citizensadvice.org.uk
  7. For consumer advice, call the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 to talk in Welsh.
  8. We helped 2.6 million people face to face, by phone, email and webchat in 2017-18. For service statistics see our monthly publication Advice trends.
  9. Citizens Advice staff are supported by over 23,000 trained volunteers, working at over 2,500 locations in England and Wales.