Credit card market faces FCA review

Press Association
Updated
Colorful stack of credit cards and shopping gift cards. Macro with extremely shallow dof.
Colorful stack of credit cards and shopping gift cards. Macro with extremely shallow dof.

%VIRTUAL-SkimlinksPromo%A competition probe into the £150 billion credit card market is to be launched as the head of the City regulator raised concerns about some vulnerable consumers being offered what are akin to "payday loans with plastic".

The Financial Conduct Authority (FCA), which took over supervision of the consumer credit market on Tuesday, confirmed it intends to undertake the review at the end of this year.

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