We are carrying out a market study on the credit card sector, one of the largest consumer credit markets we regulate. We have now published our final findings report.
This is a major study of one of the largest areas of unsecured lending we regulate – there are around 30 million credit card holders in the UK.
We published the terms of reference for our credit card market study in November 2014.
Since then we have analysed the credit card accounts of 34 million consumers over a five-year-period and surveyed around 40,000 consumers. You can find out further information on our research in our infographic.
We published our interim findings in November 2015, then reviewed feedback from stakeholders including industry and consumer groups.
We have now published our final findings which include that in most of the market, competition is working fairly well for consumers.
The final findings report included four annexes:
Press release: FCA publishes final findings of credit card market study
Our final findings show:
In our final findings report we outline the package of remedies we are taking forward to address our concerns with the credit card market.
We plan to publish further information on voluntary remedies and any rules we decide to propose later this year.
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