New Clause 5 - Regulatory impact
Consumer Credit Bill
4:45 pm
Mr Joe Benton (Bootle, Labour)
With this it will be convenient to consider new clause 6—
Office of Fair Trading: further duties—
'(1) The Office of Fair Trading (OFT) shall consult other financial agencies and produce a standard requirement for the presentation of interest rates to enable direct comparison between products.
(2) The OFT shall periodically, and at least annually, publish the range of interest rates on the market for specified products.
(3) The OFT shall further publish court rulings and advice of the ombudsman on levels of interest rates for particular products which are likely to be deemed unfair under section 19.'.