U.K. card issuers, under pressure from the government to help customers struggling to repay debt, said they would limit interest rate increases to twice a year.

After meeting last week with Consumer Affairs Minister Gareth Thomas, the issuers, including HSBC Holdings PLC, Barclays PLC, Royal Bank of Scotland Group PLC, and Lloyds TSB Group PLC, also said they would work on a new code of conduct covering how and when customers would be notified about rate changes.

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