On 16 March 2015 the UK Cards Association announced that it had developed an industry manifesto to set out key messages on card payments, backed by a range of policy changes which the future government and legislature could deliver to support the industry to further improve the offer to consumers. Policy requests made on behalf of the industry include:
- supporting a nationwide campaign to warn consumers and businesses of the dangers of scams;
- removing legal barriers preventing the sharing of data on fraud and money laundering;
- facilitating access to additional data, like student loans / Government records, to support responsible lending;
- ensuring the credit industry forbearance framework is matched by HMRC, local authorities and utilities;
- removing barriers/ encouraging collaboration in areas where commercial hurdles prevent innovation;
- assessing regulation for consistency/ proportionality across overlapping bodies likes FCA, PSR and FOS; and
- engaging proactively with EU and international bodies to ensure fair outcomes for the UK market.
What this means for you
The manifesto is a useful indication for card payment services providers of the perspective to the debate from the card payments industry. The recommendations could have an impact on future policy considerations.