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FCA publishes new credit card rules

Jaclyn Jaeger | February 27, 2018

The Financial Conduct Authority has published its final policy statement on new rules for the credit card market, which will come into force on 1 March 2018. Firms have until 1 September to comply.

The changes are designed to provide more protection for credit card customers in persistent debt or at risk of financial difficulties. They are being introduced following a comprehensive study of the credit card market, which analysed the accounts of 34 million credit card customers over a period of five years and surveyed almost 40,000 consumers.

Under these new rules, firms will be required to take a series of escalating steps to help customers who are making low repayments over a long period, beginning when the customer has been in persistent debt over 18 months. After this time, firms need to contact customers prompting them to change their repayment and informing them their card may...

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