In light of research from the office which showed that 70 per cent of consumers do not shop around for the best credit, a new Financial Services Authority (FSA)-operated website will be created to provide consumers with more product information.
Sandra Quinn, the director of communications at Apacs, states the OFT's recommendations will "spur customers on to make better decisions" as they extend measures already taken by the sector to make credit cards a more transparent product.
Other recommendations of the OFT are to standardise the language used in product literature and to improve consumer knowledge on how shopping around can benefit them.
Apas also said the financial services sector will continue to work with the Financial Services Authority to develop the new website.
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