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Warning for credit card bosses

Updated on 26 November 2008

By Krishnan Guru-Murthy

Ministers call in credit card bosses to ask why they're not all passing on the Bank of England's recent rate cuts, amid claims consumers aren't getting a fair deal.

Credit card companies have been told they could face an investigation by the Office of Fair Trading unless they stamp out bad practice.

The warning from Business Secretary Lord Mandelson comes as ministers hold a summit with credit card industry officials today to discuss growing concerns that recent Bank of England interest rate cuts haven't been passed on.

Interview: Stephen Sklarof

Krishnan Guru-Murthy spoke to Stephen Sklaroff from the Finance and Leasing Association and began by asking him about what he expects from this afternoon's summit.

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