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UK: Financial regulators question effectiveness of credit card competition

 |  April 6, 2014

The UK’s Financial Conduct Authority is set to probe the credit card industry to evaluate whether competition in the market is sufficient in allowing consumer choice, say reports.

The FCA announced the probe last Thursday, noting that 30 million hold at least one credit card. The regulator said it would focus on financially-struggling individuals to determine whether credit card agencies are fairly treating customers who have difficulty paying back their bills.

The FCA took over supervision of the consumer credit industry last week following the launch of the Competition and Markets Authority’s beginning of operations; the CMA combined the Competition Commission and the Office of Fair Trading.

Full Content: Dawn.com

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