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Money Advice Trust comments on new FCA rules for credit card firms PDF Print E-mail
Wednesday, 28 February 2018
The Financial Conduct Authority (FCA) has today published its final policy statement on new rules for the credit card market. The new rules come into force on 1 March 2018 with firms having until 1 September 2018 to comply. 

Jane Tully, director of external affairs at the Money Advice Trust, the charity that runs National Debtline, said: “With 4 million accounts in persistent credit card debt the FCA are right to take action in this area. Nearly one in three callers to National Debtline report having a debt relating to credit cards.

“Although the new rules could have gone further they do outline a number of changes and requirements on firms designed to support people struggling with persistent credit card debt.

“We understand that it will take some time to assess the effectiveness of the measures as a whole, but it will be crucial that the FCA closely monitors the changes and the industry’s voluntary remedies such as those on credit limit increases, taking early action where necessary.

“We also look forward to hearing from the FCA on potential behavioural remedies such as increasing minimum repayments to ensure credit card debt is paid down in a more reasonable period.”

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