Abstract
Introduction
This brief provides in depth coverage of both national and international
regulatory activity that has impacted on the UK card market. This briefing
also forms part of the UK Plastic Cards 2008 report.
Scope
- The report covers all regulation in 2007 and the first half of 2008 that
has affected the card market in the UK.
- Both national and international regulatory issues are considered.
- In the UK, issues such as default fees on payment cards, payment
protection insurance and domestic interchange are discussed.
Highlights
The UK Office of Fair Trading concluded its investigation into default fees in
2006 but the investigation into overdraft fees applicable to current accounts
may still have an impact on the outcome of its ruling regarding credit and
store card default fees.
In December 2007, the EC ruled that MasterCard' s MIFs for cross-border payment
card transactions with MasterCard and Maestro consumer debit and credit cards
in the European Economic Area violate the EC Treaty rules on restrictive
business practices. MasterCard has since filed an appeal with the European
Court of First Instance to annul the ruling.
The investigations into payment protection insurance (PPI) and domestic
interchange are continuing into 2008. However, the final report of the
findings by the Competition Commission into the sale of PPI is expected to be
published in December 2008.
Reasons to Purchase
- Gain a clear understanding of the regulatory developments in the UK market.
- Understand the impact of changes in regulation in the rest of Europe on UK
issuers.
- Find out how issuers are adapting to changing market conditions.
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