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FCA Sets 'Rent To Own' Price Cap To Save Consumers

Law360, London (March 5, 2019, 12:29 PM GMT) -- The Financial Conduct Authority said Tuesday it will ban "rent-to-own" financing companies from charging high interest rates to buyers that mean they pay as much as four times the retail price for household goods, as the regulator seeks to save consumers up to £22.7 million ($30 million) a year.

The City watchdog confirmed that it will introduce a 100 percent price cap on financing companies from April 1. Many firms charge such high rates of interest that buyers are effectively paying up to four times the real cost of televisions, washing machines and other appliances. The cap means they will pay...

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