Response to CP26/15: Financial Promotions and Representative APR

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Response to CP26/15: Financial Promotions and Representative APR

In our response to the FCA’s consultation on credit advertising, we warn against proposals to weaken representative APR rules and cost disclosure protections. We urge the FCA to maintain robust, specific rules—such as the 51% representative threshold and mandatory maximum APR disclosures—because high-level principles alone are failing to prevent consumer harm.

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Event

Response to CP26/15: Financial Promotions and Representative APR

In our response to the FCA’s consultation on credit advertising, we warn against proposals to weaken representative APR rules and cost disclosure protections. We urge the FCA to maintain robust, specific rules—such as the 51% representative threshold and mandatory maximum APR disclosures—because high-level principles alone are failing to prevent consumer harm.

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Our work makes a real difference to lower income households. We were leaders in the campaign for caps on the costs that payday lenders and rent-to-own firms can charge, which has saved borrowers an estimated £150 million per year since 2015. And our FlexMyRent project could eliminate the need for social housing tenants to incur any interest at all.

Most recently we have been supporting the We are Debt Advisers campaign from our own revenues.   We therefore welcome donations, of any size, which we can put towards current and future campaigns.
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