Over 3mn more people are struggling to keep up with bills and payments, according to official data that has shown the growing impact of the cost of living crisis on UK households.
The Financial Conduct Authority said on Tuesday that 10.9mn people reported struggling to meet bills and credit payments this month, up from 7.8mn in May 2022.
The figures have been published ahead of the FCA’s planned implementation of a new consumer duty at the end of July, aimed at strengthening consumer protection measures, including for loans.
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