Commons Treasury committee chairman John McFall has written to credit card bosses to demand answers over their "inadequate" response to calls for a simplification of the regulations and charges around the borrowing they offer.

Forum Response: APACS

Chris Pearson, chief executive of APACS said: "From where I sit, I certainly do not see a lack of commitment or any obfuscation within the industry on the issues raised by the select committee.  On the contrary, the industry has responded with openness in addressing the issues raised and is on track to deliver the summary box by the end of March this year – this initiative will continue to develop throughout this year particularly as we receive feedback from consumers on what they do and don’t like about the summary box and whether it meets its key objectives of clarifying charges and allowing products to be compared.