On 14th December 2017 the Bishop of St Albans, Rt Revd Alan Smith, received a written answer to a question on credit:
The Lord Bishop of St Albans: To ask Her Majesty’s Government how they will monitor the voluntary agreement by lenders not to give automatic credit limit increases to consumers.Lord Bates: Regulation of the consumer credit, including credit cards, is a matter for the Financial Conduct Association (FCA). The FCA has carried out an extensive credit card market study which identified concerns about persistent credit card debt. The FCA’s proposed measures to tackle persistent debt include a voluntary industry agreement to restrict unsolicited credit limit increases.
We have passed the Lord Bishop’s question on to the FCA, who will reply directly to him by letter. A copy of the letter will be placed in the Library of the House.