Competition Commission publishes its emerging thinking on store cards
The Competition Commission (CC) has today published a paper outlining its emerging thinking with respect to store cards. While a firm view has not yet been reached, and further discussion is invited, the Commission identifies a number of features of the store card business that may mean that competition is not fully effective. One such area is a relative insensitivity that consumers have in relation to APRs on store cards. A second is the choice of insurance services sold with store cards. The Commission will be investigating these issues further. At the same time it will be considering the extent to which the observed increased activity of finance companies (who provide store card services to retailers) will be likely to lead to improved services to consumers in the future.The Commission's emerging thinking paper has been published on its website. Frontier (London) is advising HSBC in conjunction with the store card inquiry.
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