Clause 7 - Further provision relating to statements
Consumer Credit Bill
9:55 am
Charles Hendry (Shadow Minister, Trade & Industry; Wealden, Conservative)
Again, the issue is about a lack of clarity; it is disappointing that we could not have had more detail and clarity. The explanatory notes state that
“Regulations made by the Secretary of State may require creditors to include specified information, e.g. about the consequence of failing to make repayments or only making minimum repayments, in statements issued under section 78(4) of the 1974 Act.”
We are being asked to approve that without knowing much detail about what is involved. We are clearly only months away from this information being put into the public domain and I do not find it plausible that the Minister has not already got information and guidance on what is intended to be included in this area. Will he give us more information on that and on whom is to be consulted before the document is produced?