To ask Mr Chancellor of the Exchequer, what steps he is taking to tackle excess credit card charging; and if he will make a statement.
23 September 2014
The Government has fundamentally reformed regulation of the consumer credit market, including credit cards. Consumer credit regulation transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014, this new, more robust regulatory system provides far stronger consumer protections and will help deliver the Government’s vision for a well-functioning and sustainable credit market.
The Government has ensured that the FCA has robust powers to curb credit fees and charges. The FCA has also committed to undertake a thorough review of the credit card market to assess whether competition is effective and whether consumers have access to credit cards that are affordable and deliver value for money. This review is due to start shortly.