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25 August 2006
The Office of Fair Trading (OFT) has stated that it will imminently reveal the outcome of its latest round of talks regarding credit card penalty fees.
The Office of Fair Trading (OFT) has stated that it will imminently reveal the outcome of its latest round of talks regarding credit card penalty fees.
Having ruled in April that unlawful charges of some £300 million a year had been made for late bill payment, and told financial institutions to slash their penalties as a result, it will announce the results of a consultation with the firms in question.
A spokeswoman told Reuters: "Over the next few weeks, we will be announcing the results of our consultation and where we would go next."
Many of the UK's largest providers have slashed their charges to the recommended £12 since the April decision, with this meaning that a 50 per cent cut has been effected in many cases.
Other charges such as those for exceeding overdrafts, mortgage deadlines and store card limits may also fall under the guidelines, but the OFT is yet to give any details about the guidance it will suggest.
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