Apacs reports on credit card industry transparency
Published On 25 October 2006
UK payments association Apacs has reported on the level of transparency in the UK credit card industry.The report found that over the past year the industry has focused its efforts considerably in improving the information available to customers and in helping them to make responsible borrowing decisions.
It also highlighted some of the positive industry initiatives introduced over the last year. These included the idea of extending the summary box – which was first introduced in 2003 – for credit card cheques.
There was also a collaborative agreement to increase data sharing and the launch of the industry's Best Practice Guidelines.
Paul Smee, Apacs chief executive, said: "The past year has seen the credit card industry make significant progress on the transparency agenda. The results of our initiatives can be seen in recent data, which suggests cardholders are becoming more responsible in the way that they borrow - reining in their spending and focusing on repayments.
"The industry has pledged to continue this process of innovation. We will also continue to engage with government, regulators and Members of Parliament as we take forward work on key initiatives including data sharing in 2007."
