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  "documentTitle": "Banking and capital markets trends 2020: Laying the foundations for growth",
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      "kind": "callout",
      "text": "Other Areas for Consideration: Alternatives to high cost credit",
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      "text": "Firms who offer both high-cost credit and lower cost alternatives or other services should consider the FCA's report carefully to understand the potential impacts on their business and strategy.",
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      "text": "Consumer credit is a significant area of the FCA's focus. The regulator's high-cost credit review has been detailed and has looked at consumer harm in relation to home-collected credit, catalogue credit and store cards, rent-to-own, buy now pay later offers and overdrafts.\n\nWhile high-cost credit performs a role in providing credit to customers that may otherwise not have access to it, for some customers the costs may outweigh the benefits. The regulator wants to promote the availability and provision of alternatives to these products.\n\nIn July 2019, the FCA published its Alternatives to High-Cost Credit report. They stated that they would like to see improvements in consumer awareness of and information about lower cost credit, alternatives to credit and services which complement these options, for example money advice, debt advice and other support services. In order to facilitate this, they will compile a core list of national contacts as well as suggestions for the types of local organisations to which front line service providers could consider signposting to consumers and potentially developing relationships with.\n\nIn August 2019 the Financial Ombudsman Service published data showing an increase in the proportion of upheld complaints in relation to high-cost credit products, and indicated that there is still more for businesses to do to respond to customer concerns.\n\nFirms who offer both high-cost credit and lower cost alternatives or other services should consider the FCA's report carefully to understand the potential impacts on their business and strategy.",
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