A report into transparency in the credit card industry was launched this week by APACS.
The new report details how the industry has responded to demands to promote sensible borrowing and benefit British consumers.
A range of initiatives have been launched in the past year to benefit consumers, following a Treasury select committee’s request that the industry improve transparency and foster responsible lending.
Paul Smee, APACS chief executive, said that the report revealed that the industry had responded to the government’s concerns, adding that it would continue to increase transparency for the benefit of consumers.
“This is an ongoing industry programme which aims to ensure we are a nation of responsible lenders and responsible borrowers,” he said.
Among the initiatives highlighted in the report is the extended use of the Summary Box, now included on all monthly statements.
The industry has also overseen the launch of a new website offering impartial advice on credit cards, while also funding consumer agencies such as Citizens Advice and the Consumer Credit Counselling Service.
Additionally, the report shows how improved data sharing between lenders and credit reference agencies has helped to foster a culture of informed and sensible lending.
Many of the changes outlined in the report were introduced in response to the Banking Code, enforced last March.
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