Credit card companies urged to clean up their act

Major credit card companies need to be more open with their customers, according to a committee of MPs.

The Commons Treasury select committee has said that credit card companies should provide clearer information about interest rates and penalty charges.

The report also called for the Financial Services Authority (FSA) to investigate payment protection insurance.

Treasury Select Committee chairman John McFall noted: "Consumers still deserve a better deal from credit card companies.

"While the industry has taken on board recommendations from our previous report, they have some way to go to make their deals easier to understand and compare."

The report also called on companies to share more information to help stop individuals building up debts with more than one provider.

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