Latest News

Our response to FCA’s competition review

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

“We have been working with the FCA as the new regulator comes into existence, and it’s no surprise that officials want to explore how a market as important to consumers as this one is working. The industry has a long-standing commitment to responsible lending and transparency, with a number of recent changes on credit limits and re-pricing of debt, improved transparency, and forbearance for those who find themselves missing repayments. The evidence shows that consumers are seeing the benefits as they become more savvy in getting the best out of their cards, demonstrated by credit card debt falling while spending has risen. That said, we are not complacent about the small number of customers who find that changed circumstances, such as illness or redundancy, mean they need more support with managing their debts, and we welcome all conversations about how we can ensure we are doing everything possible to support these cardholders.”


For further information contact:

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

Notes to editors:

Statistics on credit card use

  • UK credit card debt has fallen by £8.9bn (13%) since 2008 while spending has increased by £26 billion (20%)
  • 61% of the UK’s adult population have a credit card
  • Around 40% of credit card balances are non-interest bearing and 59% of customers tell us they repay in full each month
  • The average credit card balance is just under £1,200

About The UK Cards Association

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 56 million credit cards and 88 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.

Glossary View Items Highlight Unhighlight
You are here:  Home / News  / Latest news / News 2014 /  Response to FCA's competition review
Close Glossary

Glossary of words on this page