Health warnings and summary boxes will appear on credit card statements from March next year, as part of a series of reforms designed to improve transparency to the customer.
Recommendations published by Professor Elaine Kempson of Bristol University are being adopted by the British Banking Association and its industry, including improvements to the way customers with financial difficulty are handled. From next March, health warnings on credit card statements will be added in cases where the customer is making only the minimum payment each month to pay off their balance. That said, further research is still going to have to be conducted to decide how summary boxes should be presented, what they should contain and where they should be placed, according to K...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes