FCA promises tough action as it takes control of consumer credit

The Financial Conduct Authority has taken control of the consumer credit industry from today promising tough rules for short-term high-cost credit firms and debt management companies. In its 2014 risk outlook, published yesterday, the regulator said its plans to enforce a price cap on payday loans may affect some firms' appetite to remain in the sector if profits are damaged. Further reading Repossessed often architects of own destruction not victims - FCA Speaking on Radio 5 live this read more

First-time buyer house prices hit record high

The average house purchased by a first-time buyer is now more expensive than ever with prices rising £5,000 in the last month alone. Figures from LSL found the average purchase price in January 2014 was £155,832, up on the £150,875 figure recorded in the previous month and 16.4% higher than the same point last year. Despite the government's Help to Buy scheme aiming to help borrowers with small deposits onto the housing ladder the average loan-to-value also rose in the same period, reaching 82.3% in the first read more