APACS welcomes OFT credit card report

On behalf of the credit card industry, APACS today welcomes the OFT’s report on improvements that can be made to help consumers compare credit cards.

The industry is committed to working with the OFT and the FSA to deliver the full package of recommendations including the impartial comparison website. APACS believes this new website – to be developed and hosted by the FSA – will be an important additional tool in a customer’s arsenal to enable them to make informed choices about the card that best suits their need.

Sandra Quinn, APACS Director of Communications said: “We are backing the OFT in hoping that these proposals will spur customers on to make better decisions by building upon the work already undertaken by the industry to make credit card products more transparent, including the development of the Choosing and Using website (www.choosingandusing.com) and the introduction of the summary box on all credit card marketing materials and statements”

The industry will be working with the FSA to develop the website and to ensure that it has as complete market coverage as possible in terms of available credit card products.