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BIS: Credit and store cards review

October 2009

In October 2009, the Department for Business, Innovation and Skills published its consultation paper, ’A Better Deal for Consumers – A Review of the Regulation of Credit & Store Cards – A Consultation’
The UK Cards Association is pleased to publish its response covering the key issues raised in the consultation – minimum payments; the allocation of payments; unsolicited credit limit increases; risk-based re-pricing; and transparency and simplicity.
The comprehensive industry response draws upon a wide evidence base - commissioned by The UK Cards Association - from leading consultancies including Oxera, Argus and GfK. The credit card industry believes that any decisions on the future of the industry should be based on robust evidence. Hence, the underlying evidence gathered to support the Association’s submission is presented here alongside the formal response.

Melanie Johnson, Chair of the UK Cards Association says “The credit card industry is keen to give consumers as much control of their finances as possible. The package of changes we are proposing to BIS is based on evidence from a number of highly-regarded independent sources. Our approach will deliver big improvements to customers without smothering competition and choice, which customers value and gain significant benefit from. It will also maintain features which are vital to lenders being able to lend responsibly.”

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