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Rent-to-own market still has “fundamental problems”, says Citizens Advice

20 Mawrth 2018

Citizens Advice has responded to the Financial Conduct Authority's (FCA) announcement of a £2.1m redress for customers of PerfectHome.

Gillian Guy, Chief Executive of Citizens Advice said:

"While today's announcement is good news for the 37,000 people affected, we need to recognise that there are still fundamental problems in the rent-to-own sector.

"This is the third time that the FCA has had to intervene in this market. The regulator must now put in place measures to protect people from expensive borrowing and spiralling debts.

"The FCA should use its upcoming high-cost credit review to build on the success of the payday loan cap and extend the same protections to rent-to-own customers."

Notes to editors

  1. The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
  5. Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.