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Citizens Advice responds to Financial Conduct Authority’s new credit card rules

Gillian Guy, Chief Executive of Citizens Advice, said: “We welcome the recent announcement by the FCA, confirming new protections for people struggling with problem credit card debt.

“It shows they recognise the risks lenders are putting on credit card customers by enabling them to run up debt they cannot afford.

“But while these new rules will go some way to address the problems consumers are facing with credit card debt, irresponsible offers of further credit still make it difficult for people to stay on top of their finances.

“That’s why lenders should not be able to increase the credit limit of any customer without their express permission - not just those who’ve been in persistent debt for a year - in order to help more people avoid getting trapped in a spiral of debt.”

New credit card rules introduced by the FCA

Notes to editors

  1. The Citizens Advice service comprises a network of local Citizens Advice, all of which are independent charities, the Citizens Advice consumer service and national charity Citizens Advice. Together we help people resolve their money, legal and other problems by providing information and advice and by influencing policymakers. For more see the Citizens Advice website.
  2. The advice provided by the Citizens Advice service is free, independent, confidential and impartial, and available to everyone regardless of race, gender, disability, sexual orientation, religion, age or nationality.
  3. To get advice online or find your local Citizens Advice in England and Wales, visit citizensadvice.org.uk
  4. You can get consumer advice from the Citizens Advice consumer service on 03454 04 05 06 or 03454 04 05 05 for Welsh language speakers.
  5. Local Citizens Advice in England and Wales advised 2.5 million clients on 6.2 million problems in 2014/15. For full service statistics see our publication Advice trends.
  6. Citizens Advice service staff are supported by more than 21,000 trained volunteers, working at over 2,500 service outlets across England and Wales.
Original article link: https://www.citizensadvice.org.uk/about-us/how-citizens-advice-works/media/press-releases/citizens-advice-responds-to-financial-conduct-authoritys-new-credit-card-rules/

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