UK Money News
12th February 2008
Independent credit card site to face challenge
Proposals to help consumers choose between credit cards through the launch of an independent comparison site could be stymied by a legal challenge, it has been suggested.
Yesterday, the Financial Services Authority (FSA) unveiled its plan for the site as part of a raft of proposals to improve consumer comprehension of the terms offered by credit card providers.
However, the site could face a hurdle in the form of existing price comparison sites which may challenge its launch on the grounds of it being uncompetitive, the Scotsman reports.
Steve Willey, head of cards at Moneysupermarket.com, said: "If this goes ahead, it could be deemed as anti-competitive.
"Why would the regulator provide something in competition with commercial companies?"
The FSA's moves to provide greater consumer choice in the credit card sector followed an investigation into providers from the Office of Fair Trading.
Consumers can already access FSA-affiliated independent sites for pensions, annuities, mortgages and savings.
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