Credit Card Ads Face UK Probe After 20% Judged Illegal

18 March 2004

UK regulators plan to clamp down on credit card advertising after finding that one in five break the law.

The Office of Fair Trading revealed that a study of card ads in national newspapers found 20% "contained non-technical breaches of the law".

As a result, the OFT will begin a probe of the sector alongside trading standards officers to work out how best to eradicate this abuse. The watchdog is considering a specific code for credit card marketing

It is thought the most common breaches involve disclosure of information about interest rates and special 0% introductory offers. The OFT has examined fourteen of these offers over the last four months and found that only eight stayed within the law.

The findings were part of the regulator's response to a damning report on the credit card industry released by the Commons Treasury Committee in December.

Data sourced from: Ananova (UK); additional content by WARC staff