Walking the credit card tightrope

Credit card companies in Britain last month agreed to halve many penalty charges after a clampdown by the British consumer regulator, the Office of Fair Trading (OFT).

21st October, 2006

Their decision followed an ultimatum in April by John Fingleton, the head of the OFT. Fingleton, who left Ireland’s Competition Authority in 2005 to take up his position in the OFT, found that British cardholders were being hit with more than €444 million (stg£300 million) a year in illegal charges. He told credit card companies to reduce their penalty charges or risk court action.

Credit card penalty charges - also known as default...

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