Lord Myners – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Myners on 2016-05-09.

To ask Her Majesty’s Government whether they plan to investigate the growth in the number of banks offering unsecured credit cards with interest and principal payment grace periods of more than three years, in the light of the most recent report by MoneyFacts.

Lord O’Neill of Gatley

The Government has fundamentally reformed regulation of the consumer credit market, which includes the credit card sector. Consumer credit regulation transferred from the Office of Fair Trading to the Financial Conduct Authority (FCA) on 1 April 2014.

The FCA is currently undertaking a thorough review of the credit card market through its ‘credit card market study’. On 3 November 2015 the FCA published its interim report which found that the market was working reasonably well for most customers.