FLA responds to Conservative Party on store cards

The Finance & Leasing Association (FLA) responded to the Conservative Party's call to introduce a seven-day "cooling-off period" for store cards.

FLA Director General Stephen Sklaroff said: "Last year the Competition Commission completed a thorough investigation of the store card market and did not suggest that a cooling off period was necessary.

"FLA members' store card business represents 1.3% of total unsecured consumer credit. The average store card balance is just £162, and credit limits tend to be lower than for credit cards. For many consumers, store cards represent good value, and provide a variety of benefits."