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Store Cards Report: OFT Right To Refer Problem To Competition Commission
1.03.14pm GMT Thu 18th Mar 2004
Vince Cable MP, Liberal Democrat Shadow Chancellor, today welcomed the OFT's decision to refer the supply of store card services to the competition commission. He said: "Store cards are amongst the worst offenders in the whole credit industry. The high level of consumer confusion ensures high profits for providers."
"The OFT's findings that the APR rate was unavailable or unsatisfactorily explained for 40% of consumers is at best incompetent, but is more likely a cynical attempt to dupe consumers."
"If we are to have genuine competition in this industry, we must make the way store cards and credit cards work genuinely transparent. This needs to be done by standardising the way interest rates are calculated and clearly stating the rates to consumers. Only then can people know whether they are getting value for Money."
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