Regulator to Curb Late Payment Charges?
Reports say that regulator may cap late payment fees at £15
21st February 2006
The Guardian yesterday reported that the Office of Fair Trading (OFT) may be about to introduce limits on charges imposed by credit card companies on customers who are late in making payments.
The average late payment penalty is around £25 and is estimated to net card issuers around £1bn a year, but the report says that the OFT is considering reducing the fee to a maximum of £15 following an investigation started last year.
Neither the OFT nor credit card companies would comment on the reports.
Read More: The Guardian : OFT may reduce late payment fees for credit cards
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