Towards a ‘cost of credit’ cap in the UK: Lessons from Australia
نویسندگان
چکیده
Lessons from Australia Jodi Gardner and Karen Rowlingson March 2014 Key Findings The UK government has recently announced that the FCA (Financial Conduct Authority) must introduce some limitation on the cost of credit by January 2015. It has cited Australia as an example of a country where such a cap works well. However, Australia only implemented its interest rate cap in July 2013 and there has been no systematic evaluation of its impact. This paper provides a brief overview of the cap in Australia combined with evidence from in-depth interviews with stakeholders, carried out between November 2013 and January 2014, about the impact of the new regime. The key findings are:
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