Financial Health Exchange member survey on high cost credit market

13 Jan 2017

The Financial Health Exchange has launched a survey into the current state of the UK high-cost credit market, with a view to collating clear, high-quality evidence, for use in our submission to the Financial Conduct Authority’s (FCA) review into the sector.

The survey, which consists of approximately ten optional questions, aims to gather the views and experiences of our partners and members who provide services on the front line. We will then use your feedback to present a clear picture of the high cost credit market to the regulator.

The FCA consultation will be reviewing the first two years of the pay-day loan price cap, and will also examine the wider spectrum of high-cost credit products. The consultation aims to build a fuller picture of how high-cost credit products are used; whether they cause detriment; and if so, to which consumers.  In light of the nature of the consultation, our survey looks to gather evidence on:

  • High-cost credit products other than payday loans.  This includes home-collected loans, catalogue credit, rent-to-own, pawn-broking, guarantor, and log-book loans;
  • Arranged/unarranged overdrafts;
  • The implications of being declined credit;
  • And the effect of the introduction of the payday loan price cap.

In particular, we are interested in any examples and case studies members can share with us that will help us to illustrate the impact of high cost credit products on consumers’ financial health.

If you would like to be involved, we are calling for responses to our survey by Friday 3rd February.

The survey can be completed below