1.4 Who regulates credit cards?

The Office of Fair Trading (OFT) and the Competition Commission (CC) are the two bodies responsible for regulating UK credit card companies.

The OFT is the UK’s consumer and competition authority. It exists to make markets work well for consumers by encouraging open, fair and vigorous competition.

This organisation has the right to act if certain acts are breached by credit card companies, including the Consumer Credit Act and the Competition Act.

The OFT also offer advice to consumers through their ‘Consumer Direct’ service. The service is free and provides clear and practical advice on a wide range of consumer issues including those related to credit cards.

The CC is one of the independent public bodies set up to ensure that there is healthy competition between companies in the UK for the benefit of companies, customers and the economy.

It conducts investigations into mergers, markets and the regulation of major industries including the credit card market.

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