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UK Cards response to the terms of reference for the FCA credit card market study

Richard Koch, Head of Policy at The UK Cards Association, said:

“Credit cards are an important part of the daily lives of consumers, so it is understandable that the regulator is keen to explore how such an important sector is working. The industry has a long-standing commitment to responsible lending and transparency and over the last five years has introduced many changes including on credit limits and re-pricing of debt, improved transparency, and forbearance for those who find themselves missing repayments.

“Our work with debt advice charities shows that changes in people's circumstances, such as illness, unemployment or separation, can mean that financial commitments which were previously manageable suddenly become harder. That is why there are measures in place for providing extra support for people in such situations.

“We will study the FCA’s observations carefully and welcome the opportunity to work with them.”


For further information contact:

Giles Mason or Andrew Horne from The UK Cards Association on 020 3217 8436 or email

About The UK Cards Association:
The UK Cards Association is the trade body for the card payments industry in the UK, representing financial institutions which act as card issuers and acquirers. Members of the Association account for the vast majority of debit and credit cards issued in the UK - issuing in excess of 55 million credit cards and 95 million debit cards - and cover the whole of the payment card acquiring market.

The Association promotes co-operation between industry participants in order to progress non-competitive matters of mutual interest; informs and engages with stakeholders to shape legal and regulatory developments; develops industry best practice; safeguards the integrity of the card payments industry by tackling card fraud; develops industry standards; and co-ordinates other industry-wide initiatives such as those aiming to deliver innovation. As an Association we are committed to delivering a card payments industry that is constantly focused on improved outcomes for the customer. More information about The UK Cards Association is available at

For press enquiries please call: 020 3217 8436 or email

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