Clause 8 - OFT to prepare information sheets on arrears and default
Consumer Credit Bill
9:55 am
Gerry Sutcliffe (Parliamentary Under-Secretary (Employment Relations and Consumer Affairs), Department of Trade and Industry; Bradford South, Labour)
The hon. Gentleman is right—[Interruption.] Clearly, he is not right. To help clarify matters, I shall set out the context of what we are trying to achieve. We want the consumer to be confident and to have more information about the type of products that they are going to borrow. We want the products to be fully transparent and the rates and time scale of the loan to be clear, so that consumers have a great deal of knowledge about what they are letting themselves in for.