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What is the Financial Conduct Authority (FCA)?

What is the Financial Conduct Authority (FCA)?

The Financial Conduct Authority (FCA) is

The financial regulatory body in the United Kingdom
Operates independently of the UK Government.

Other info

It is financed by charging fees to members of the financial services industry.
It protects consumers from the harm that can be caused by bad conduct in the financial services industry, for more information see: Protecting consumers

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For loans over £1,000

Representative 49.9% APR

Representative example: If you borrow £3,250 over 36 months at a Representative rate of 49.9% APR and an annual interest rate of 41.16% (fixed), you would pay 36 installments of £158.57. The total charge of credit will be £2,464.57 and the total amount payable will be £5,714.67

For loans less than £1,000

Representative 99.8% APR

Representative example: If you borrow £500 over 52 weeks at a Representative rate of 99.8% APR and an annual interest rate of 99.8% (fixed), you would pay 52 weekly installments of £13.41. The total charge for credit will be £197.32 and the total amount payable will be £697.32.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk