Orders of the Day — Consumer Credit Bill

Part of the debate – in the House of Commons at 12:28 pm on 9th June 2005.

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Photo of Norman Lamb Norman Lamb Shadow Spokesperson (Treasury), Liberal Democrat Spokesperson (Treasury) 12:28 pm, 9th June 2005

I endorse entirely the comments of Mr. McFall, who chaired the Select Committee in the previous Parliament. Does the Minister accept that although we have made progress in achieving one method of calculating APR, that will achieve nothing in terms of transparency so long as there are 10 different methods of calculating interest, depending on when the calculation starts? There is no transparency, and consumers are therefore unable to compare one product with another.