Citizens Advice Scotland has welcomed the news that the FCA is to introduce a cap on rent-to-own products.
CAS spokeswoman Ruth Mendel says,
“We welcome today’s announcement that the FCA will be introducing a cap in the rent-to-own market. The Citizens Advice network in Scotland has seen the harm the current market has caused, particularly to vulnerable consumers.
“A cap like this was one of the recommendations in our recent ‘Home Truths’ report last year, and we are pleased to see the FCA take this step. We are also pleased to see that the cap will be reviewed after one year, as monitoring and enforcement of it will be key to ensuring it has the intended impact.”