UK Store Credit Card Profits May be too High

UK Store Credit Card Profits May be too High - Watchdog

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003159-uk-store-credit-card-profits-may-be-too-h/

Britain’s providers of retail store cards may be making excessive profits because of weak competition, a UK watchdog said on Tuesday.

The Competition Commission said a lack of rivalry over interest rates and insurance policies for store cards could unfairly benefit retailers and credit providers over customers. The watchdog also raised concern that a few big financial companies had cornered the market for store cards.

The commission is holding an inquiry into the 4.8 billion pound ($9 billion) retail store card business following accusations of high charges and misleading information by consumer groups and politicians.

For this complete story, please visit UK Store Credit Card Profits May be too High – Watchdog.

UK Store Credit Card Profits May be too High - Watchdog

Unknown Author

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