Annual percentage rates (APRs), which indicate yearly borrowing costs to consumers, are being reviewed by the City regulator amid evidence that they do not always allow people to understand the true cost of credit. The Financial Conduct Authority (FCA) is looking into whether APRs help people to understand borrowing costs and is seeking views on whether it should change the way these are communicated in credit advertising. APRs indicate the yearly cost of borrowing, including interest and fees. Current rules require representative APRs in most credit advertising. A representative APR means at least half of consumers receive that rate or better. The FCA said research indicates APRs are useful for comparing products, but additional information such as total repayment figures can also help consumer understanding. However, it said providing different information tailored to different products can sometimes make comparisons harder and confusing.…