Our market study on the credit card sector focused on one of the largest consumer credit markets we regulate – there are around 30 million credit card holders in the UK.
The final findings report included 4 annexes:
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.
In July 2016 we published our final findings which include that in most of the market, competition is working fairly well for consumers.
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.
In April 2017, we published a consultation paper on measures to address persistent credit card debt and require credit card firms to use their data to identify customers at risk of financial difficulties. We also set out details of an industry voluntary agreement to give customers more control over credit limit increases.
In November 2015 we published our interim report which set out our views based on our work to date.
This outlined the scope of our market study.