MP criticises credit card companies

15 November 2003
According to the senior MP John McFall, who is currently leading a Treasury inquiry into the conduct of credit card companies, credit card issuers are not doing enough to boost transparency and make information clearer to consumers.

The chairman of the Treasury select committee said that he was unimpressed with what he had seen of the industry so far.

He did, however, concede that he admired the honesty of Barclays chief executive Matt Barrett when he controversially revealed to the committee last month that he would not borrow on credit cards because it was 'too expensive'.

'Borrowing can be expensive over the long term because rates can be 20 per cent,' he said.

Mr McFall's comments coincide with an announcement from the committee this week that a similar investigation will be undertaken to examine claims of mis-sellling in the life assurance sector.