The UK Cards Association publishes 2012 Annual Report
Today (27 January) The UK Cards Association publishes its 2012 Annual Report, highlighting its key activities.
Melanie Johnson, Chair of The UK Cards Association, comments:
“A key objective for us as an industry is to make sure we are putting our customers at the forefront of everything we do, and last year was no exception. Our 2012 Annual Report shows how we have made great strides in keeping cards safer from fraud and making changes that give customers more choice and control. We have also delivered some very tangible benefits: giving customers peace of mind that the highest debt on their credit card will always be paid off first; introducing a new annual credit card statement which every cardholder will receive from now on; and improving the transparency of charges when buying, or spending in, foreign currency.”
2011 highlights include:
- Fraud losses on UK cards continued to fall thanks to the banking industry’s on-going investment in fraud prevention initiatives. This includes its continued investment in a specialist police squad, known as the Dedicated Cheque and Plastic Crime Unit (DCPCU).
- The industry delivered a number of key benefits for customers including changes in the way credit card debt is paid off, the banning of unsolicited credit card cheques and clearer communication on credit limit increases and interest rate changes.
- Work was also completed during the year to agree a common annual credit card statement for customers which are being sent to the nation’s 31.2 million credit card customers throughout 2012 to help them manage their credit card.
- Supporting new technology on cards – by encouraging the on-going rollout of contactless technology. By the end of 2011 20 million cards had been upgraded and 73,000 outlets had contactless readers installed.
- The UK Cards Association worked closely with the Lending Standards Board, Government and other regulatory bodies to amend the Lending Code.
- The UK Cards Association played an active role in supporting Which?’s super complaint on excessive card surcharging, and, in response to a Consumer Focus super-complaint, working with the OFT, to improve transparency for foreign currency.
The full report is available to download here.
ENDS
For further information contact the press office on 020 3217 8441/ 8340/ 8251, or press@ukpayments.org.uk
Notes to editors
The UK Cards Association is the leading trade association for the card payments industry in the UK. With a membership that includes all major credit, debit and charge card issuers and card payment acquirers, the Association contributes to the development of legislative and regulatory frameworks; develops industry best practice; safeguards the integrity of card payments by tackling card fraud; develops industry standards; and co-ordinates other industry-wide initiatives across matters relating to both card payments and the provision of credit.
