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<p>On 1 April 2014, regulation of the consumer credit market was transferred to the
Financial Conduct Authority (FCA). The government has given the FCA strong powers
to protect consumers and to take action against firms and individuals that do not
meet its standards.</p><p> </p><p>The FCA conducted an extensive study of the credit
card market from 2014-2016. In its final report, the FCA said that competition is
working well for the majority of consumers, but expressed concerns about the scale,
extent, and nature of problem credit card debt. The FCA then announced a package of
remedies in February 2018, including: giving customers more control over credit limits;
encouraging customers to repay more quickly; earlier identification of customers at
risk of financial difficulty; and, help for customers in persistent debt, with escalating
measures at 18, 28, and 36 months.</p><p> </p><p>The government welcomes the FCA’s
remedies to tackle persistent debt in the credit card market, and will continue to
work closely with the FCA to ensure all customers are treated fairly.</p>
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