Credit

Treasury written question – answered on 21st April 2008.

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Photo of John Hayes John Hayes Shadow Minister (14-19 Reform and Apprenticeships)

To ask the Chancellor of the Exchequer what representations his Department has made to banks on restructuring the level of individual credit, with particular reference to home buyers, since May 1997.

Photo of Angela Eagle Angela Eagle The Exchequer Secretary, Member, Labour Party National Executive Committee

The Treasury regularly meets with representatives of the banking sector to discuss a wide range of issues including individual credit.

In 2004, the Government put in place Financial Services Authority (FSA) regulation of mortgages. The FSA's regime offers appropriate consumer protection and access to means of redress where consumers experience problems.

The OFT regulates other consumer credit business. Regulation of consumer credit is being further strengthened with the implementation of the 2006 Consumer Credit Act, due by October 2008.

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