UK regulator to study credit card market
LONDON, Nov 25 (Reuters) - Britain's credit card market is not working well for some customers who are over-borrowing and paying unexpectedly high interest rates, the Financial Conduct Authority (FCA) said on Tuesday.
The regulator said it will study how easy it is for customers in Europe's biggest credit card market to shop around, how card providers recover costs, and the extent of unaffordable debt.
Some 30 million customers have a credit card in Britain, accounting for 56.9 billion pounds ($89.24 billion) in outstanding debt, according to the FCA.
(1 U.S. dollar = 0.6376 British pound) (Reporting by Huw Jones; editing by Jason Neely)