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In its Consumer White Paper of 2 July 2009, the Government announced its intention to make the personal finance market work better for consumers. One of the measures to achieve this is a review of the regulation of credit cards and store cards, considering in particular where indebted consumers may be most at risk of incurring increased costs as they try to repay their debts.
The review is now underway and is considering questions on whether future regulation should explicitly:
• Require that repayments to a credit card account are allocated to debts attracting different interest rates on a fairer basis;
• Require higher minimum payments to enable full repayment of the debt within a reasonable period; and
• Place restrictions on card providers’ ability to raise interest rates on existing debt.
As part of the review, the Government will also look at the benefits and risks of banning the practice of increasing borrowers’ credit limits without their consent.
BIS launched a public a consultation document on 27 October 2009 for discussion with industry and other stakeholders. For more information view the Credit and Store Cards Review consultation page.
2 July 2009 - The Government published a consumer White Paper “A Better Deal for Consumers: Delivering Real Help Now and Change for the Future”. A Better Deal for Consumers sets out the real help we are providing now to people in financial difficulties, and the longer term measures we are planning to bolster confidence.
If you would like to be kept up-to-date about negotiations on the Credit and Store Cards Review, please inform us by responding to: john.doyle@bis.gsi.gov.uk
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