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<p>The Government believes that consumers should be treated fairly. Consumers must
be able to access clear and transparent information about the charges that may apply
to the financial services they use.</p><p> </p><p> </p><p> </p><p>The UK already has
put in place a robust regulatory regime to protect consumers. The Financial Conduct
Authority (FCA) is empowered to act to ensure that financial markets work well so
that consumers get a fair deal.</p><p> </p><p> </p><p> </p><p>The Government introduced
a cap on the cost of payday loans in January. All fees and charges that may be incurred
in relation to a payday loan are covered by the cap. The Government has also given
the FCA the power to cap the cost of all forms of consumer credit if it deems necessary
to protect consumers.</p><p> </p><p> </p><p> </p><p>New regulations will come into
force in September 2016 to ensure all current account customers will have access to
a standardised annual statement of fees and to ensure customers receive a Fee Information
Document prior to choosing their bank account.</p><p> </p><p> </p><p> </p><p>In April
of this year, the Government helped to deliver Midata to enable customers for the
first time to compare which bank is best for them based on how they use their personal
current account.</p><p> </p><p> </p><p> </p><p>On mortgages, the Chancellor announced
in Autumn Statement 2014 that the Council of Mortgage Lenders and Which? would work
together to improve the transparency of mortgage fees and make it easier for borrowers
to choose the best mortgage deals. This project is due to report this summer and the
Government expects most of the industry to have made the necessary changes by the
end of the year.</p><p> </p><p> </p><p> </p><p>The Government is also introducing
measures to support retailers. The Interchange Fee Regulation will come into effect
later this year and will cap fees which are charged to retailers by their banks for
accepting debit and credit cards.</p><p> </p><p> </p><p> </p>
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