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The Queen is a small investor in rent-to-own chain BrightHouse which has been criticised for its business model which charges high interest on furniture to some of the country’s poorest people.
The firm charges up to three times more than high street lenders for regular household items such sofas, beds or white goods, by offering customers high rates of interest over weekly instalments.
Critics say this allows them to force the poorest in our society, who cannot pay £200 upfront for a washing machine, to “pay a poverty premium”.
The FCA did not specifically fine the company for this policy but instead said it had failed to properly assess whether its customers were able to repay their finance.
Gareth Evans, the director of Financial Inclusion Centre, told The Independent last year: “These firms continue to litter the high streets of our most deprived towns and cities, making hundreds of millions of pounds of profits from the growing numbers that don’t have any other options but to pay a poverty premium when borrowing.
“It’s not just the huge costs, but most customers are required to take out expensive warranties and insurances they don’t want or need and worrying numbers struggle to keep up with repayments resulting in the goods being repossessed.”
Speaking to the BBC, the Duchy said it was not aware of its 12-year investment in the firm which it said amount to just over £3,000.
There is no suggestion that the Duchy did anything illegal or that the Queen was directly involved in choosing to move money offshore.
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