March 20, 2018 / 10:22 AM / a month ago

UK rent-to-own firm to pay 2.1 mln stg redress package

LONDON, March 20 (Reuters) - PerfectHome, a British rent-to-own company, has agreed a 2.1 million pound ($2.95 million) redress package that includes cash payments and write-offs for 37,000 customers, the Financial Conduct Authority (FCA) said on Tuesday.

The markets watchdog said the company’s affordability assessments did not adequately take into account customer circumstances, which led to customers being issued with loans they could not afford.

PerfectHome, a trading name of Temple Finance Limited, provides household goods to customers on hire purchase agreements.

$1 = 0.7129 pounds Reporting by Kirstin Ridley, Editing by Lawrence White

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