In November 2016. the FCA issued a very broad Call for Input on High Cost Credit. In November 2014 when the price cap and other payday lending rules were announced, it was stated that they would be reviewed after two years and this new Call for Input is part of that review.
Andrew Bailey, Chief Executive of the FCA, said:
We have come up to the point of reviewing the cap on payday lending, making now the right time to take a broader view of the issues around high-cost credit, including unarranged overdrafts, and to consider whether our requirements remain appropriate.
The Call For Input asks questions not just about payday loans but the whole high cost market, including overdrafts, rent to buy, logbook loans, guarantor loans and doorstep lending.
That is incredibly wide. After 3,500 words, I feel my reply has barely scratched the surface… if you are interested in reading it, it is here.