The UK’s Financial Conduct Authority announced plans to launch an investigation into the credit card industry to examine whether the market is sufficiently competitive, among other concerns.
An in-depth probe of the industry was announced following the FCA’s preliminary investigation, which lead to findings of several shortcomings within the market, say reports. While the market is crucial to UK consumers, FCA director of policy Christopher Woolard says that importance means regulators must ensure proper functionality. “We want to make sure that the market works well for all consumers and that card-holders get a fair deal,” he said.
Among the FCA’s top priorities is to examine whether consumers have enough choice when deciding on which credit card to use. The regulator will look at cards issued by banks, cards that are co-branded, and cards that are run by stand-alone businesses.
Reports say the FCA is slated to complete its investigation by early January.
Full content: The Telegraph
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