By Steve Slater, Reuters
Britain’s consumer watchdog said on Wednesday the fees charged by the UK members of credit card company Visa infringe competition rules and lead to unduly high costs for retailers and consumers.
The Office of Fair Trading (OFT) issued a statement of objections regarding the interchange fees — the charge paid between two banks when a retail transaction is carried out by card — charged by Visa members.
The statement represents the first formal objections against Visa and could pave the way for cuts to the fees earned by its members, which include most of Britain’s major financial institutions. Visa has until early next year to respond.
For this complete story, please visit UK Watchdog says Visa Card Fees Anti-competitive.
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