Credit card holders given more power in 2010

By UK CreditCards.com

Britain credit card regulationCredit card holders in the UK should receive more benefits and better customer service over the course of 2010.

The industry is currently being assessed by the Department for Business, Innovation and Skills, which is collating responses to its 'Review of the Regulation of Credit and Store Cards' consultation.

According to automated contact and resolution services firm Adeptra, the process should ultimately result in the balance of power being tipped in favour of consumers.

"Forthcoming industry developments such as the UK government's focus on tightening regulation surrounding consumer credit will affect the entire industry by shifting responsibilities and giving consumers more power," commented chief executive Lou Venezia.

"Consumers will expect more transparent, immediate communications and more guarantees of the security of their data."

Mr Venezia added that credit card providers who cannot prevent errors, such as mistakenly blocking cards, are likely to lose large numbers of customers in 2010.

The UK Cards Association recently implored the government to order companies to allocate all payments made by consumers above the minimum level to their most expensive debt.ADNFCR-2308-ID-19605933-ADNFCR

Published: 12 February 2010