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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Wednesday 3rd October 2007
British banks and credit card providers are going to the House of Lords to try to overturn protection for consumers who spend abroad on their credit cards.
Currently, under the Consumer Credit Act, goods worth between £100 and £30,000 bought in the UK are covered, but a ruling made in March last year forced providers to cover overseas purchases too.
Lloyds TSB, Tesco Personal Finance, part of the Royal Bank of Scotland group and American Express are challenging the decision, which they claim is costing them billions, arguing that they are being made to act as insurers for unfamiliar foreign suppliers.
A spokesman for Lloyds said the test case had been going on for more than three years and had "absolutely nothing to do with the current environment or revenue".
Martyn Hocking, the editor of Money Which? magazine, criticised the banks' approach, telling the BBC: "British consumers spend about £12 billion on their credit cards overseas each year on holiday and credit card companies make a lot of money back from those transactions."
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