Credit card companies risk losing trust

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Credit card companies risk losing trust

Credit card issuers have been told to change fast or risk losing the trust of consumers.

In a letter to credit card issuers, John McFall, chairman of the Treasury Select Committee, has told card issuers to speed up reforms.

The Treasury committee published its report in December, which said some credit card companies were charging "excessive levels of interest".

Some charges were also described as confusing, making it "impossible" for the consumer to compare competing products.

Mr McFall today wrote to the chief executive of the main industry body, the Association for Payment Clearing Services (APACS), which represents all the leading card issuers. The letter was copied to the chief executives of Barclays, HBOS, Lloyds TSB, MBNA, Nationwide and RBS.

"I hope there is no question of some in the industry seeking to create obfuscation around these issues, rather than to seek genuine solutions which will benefit consumers and the image of the industry," the letter said.

Mr McFall warned that a lack of commitment from lenders "is not constructive" and that the perception that the industry only does the minimum necessary "would not be acceptable to either the committee or to consumers".

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