UK Money News
11th February 2008
OFT unveils credit card reforms
The Office of Fair Trading (OFT) has unveiled a series of proposals intended to improve borrowers' ability to choose the best credit card deal.
Chief among the proposed reforms is the introduction of an independent price comparison site for credit cards.
Also recommended in the OFT's report is that the terminology used in advertising and product literature is standardised to improve consumers' understanding of the terms being offered by products.
Consumer comprehension of the products would also be improved by employing summary boxes to sum up providers' offers in simple to comprehend language, the report said.
John Fingleton, OFT chief executive said: "No-one wants to throw money away, but consumers who don't shop around for credit cards are doing just that.
"It is essential that consumers are given the right tools to make comparisons between credit cards more easily, and we can achieve this through some of the recommendations announced today which have received widespread support from the FSA, Apacs and the rest of the financial sector."
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