Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps his Department is taking to work with the Financial Conduct Authority to regulate the credit market and stop uninvited credit limit increases by lenders.
Treasury ministers and officials have meetings with a wide variety of organisations in the public and private sectors as part of the process of policy development and delivery. This includes regular meetings with the Financial Conduct Authority (FCA).
The FCA has carried out an extensive credit card market study that identified concerns about persistent credit card debt. The FCA’s proposed measures to tackle persistent debt include an industry agreement to restrict unsolicited credit limit increases.