'Limited Progress' on Credit Card Reform
Select committe chairman welcomes introduction of summary boxes, but criticises slow pace of reform
23rd July 2004
The Chairman of the Treasury Select Committee, John McFall, has criticised the credit card industry for only making 'limited progress' in implementing the credit reforms required by proposed government legislation.
While he welcomed the widespread introduction of summary boxes, he said that clarity and transparency needed to be improved still further.
Of particular concern was the lack of information given about charges - while the credit companies insist that charges for late payments etc reflected their administration costs, Mr McFall warned that unless they came clean about how much profit they made from these charges, there would remain a suspicion that the charges are too high.
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