We are carrying out a market study on the credit card sector, one of the largest consumer credit markets we regulate.
We have published our interim findings which found that in most of the market, competition is working fairly well for consumers.
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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. This outlined the scope of our market study. 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.
Our interim findings show:
In our interim review we outline our early thinking on measures which could make the market work well for consumers.
You can read details of our potential remedies in our interim review.
The next phase of our market study is to discuss our interim findings and potential remedies with stakeholders. We plan to publish our final report in Spring 2016, you can see further information on our credit card market study process in our infographic.
Please send your feedback to us by 8 January 2016 to firstname.lastname@example.org.
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