Andrew Bailey, chief executive of the financial regulator, said charges imposed on customers falling into unauthorised overdrafts would be overhauled. Bank of England steps up scrutiny of lenders Read moreIn a paper published on Monday, the FCA that one in six people with debt on credit cards, personal lending and car loans – 2.2 million – were in financial distress. “We are now working to resolve these issues while preserving the parts of the market that consumers find useful.”The FCA’s action comes after the Bank of England told banks it would conduct health checks on their exposure to car loans, credit cards and personal loans. The Money Advice Trust, which runs the National Debtline, said the intervention in payday lending had worked. “The majority of new car finance is now in the form of personal contract purchase, a form of hire purchase.

Source: The Guardian July 31, 2017 08:55 UTC