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 Gerry Sutcliffe Gerry Sutcliffe Parliamentary Under-Secretary (Trade and Industry) (Employment Relations and Consumer Affairs) 12:28 pm, 9th June 2005

It will in some respects but not in every respect. However, the work of the Financial Services Authority, combined with the banking code, should resolve some of these problems. I shall return to the question of interest rate caps and hidden charges. We are trying to establish a transparent process through which the borrower knows exactly what the charges are and when they kick in. Indeed, the annual written statement enables the borrower to understand their position. This is a wake-up call to those in the industry, to ensure that unscrupulous ones cannot operate those hidden charges in the way that some of them have done in the past.