Requires store card providers to be transparent with certain information and bans the tying of payment protection insurance (PPI) to credit.
The Store Cards Market Investigation Order (as varied by the Store Cards Market Investigation Variation Order 2011) was made under the market investigations provisions of the Enterprise Act 2002. It requires store card providers to include an APR warning on statements where the APR is 25% or higher.
The order also sets out what information must appear in statements and requires:
- direct debit facilities to be offered for the repayment of loans
- PPI not to be tied to other insurance offered