A PYMNTS Company

UK: Credit cards come under FCA watch

By  |  November 25, 2014

The UK’s Financial Conduct Authority announced plans to launch an investigation into the credit card industry to examine whether the market is sufficiently competitive, among other concerns.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    An in-depth probe of the industry was announced following the FCA’s preliminary investigation, which lead to findings of several shortcomings within the market, say reports. While the market is crucial to UK consumers, FCA director of policy Christopher Woolard says that importance means regulators must ensure proper functionality. “We want to make sure that the market works well for all consumers and that card-holders get a fair deal,” he said.

    Among the FCA’s top priorities is to examine whether consumers have enough choice when deciding on which credit card to use. The regulator will look at cards issued by banks, cards that are co-branded, and cards that are run by stand-alone businesses.

    Reports say the FCA is slated to complete its investigation by early January.

    Full content: The Telegraph

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.