UK Competition Commission reaches provisional findings on store cards
The Competition Commission has today published provisional findings for its market investigation into store cards. The Commission finds that there is currently insufficient competitive pressure, either from consumers or retailers, to limit APRs to cost reflective levels or to constrain the price of insurance. Consumer insensitivity is seen as a key feature of the market driving this lack of competition. However, the Commission acknowledges that this is changing. The suggested remedies focus on the provision of more information to storecard holders such that they can make more informed choices.
Frontier (London) has advised HSBC throughout the investigation.
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