The Department for Business Innovation & Skills has launched a consultation on changes to current practices in the consumer credit industry. The objective of the review is to address five key areas where the Government currently considers firms do not act in the best interests of their customers, namely the allocation of payments, minimum payments, unsolicited credit in relation to credit cards and store cards limit increases, interest rate rises and an over-arching theme of greater transparency.
The proposals are wide-ranging and, if adopted, will have a significant impact on the financial models of both credit card and store card issuers....
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