§ 21. Mr. McCrindle
asked the Secretary of State for Prices and Consumer Protection if he is satisfied with the operation of the Consumer Credit Act.
§ Mr. John Fraser
I believe that, when fully effective, the Consumer Credit Act will provide the protection for the consumer in matters relating to credit and hire which was intended.
§ Mr. McCrindle
How soon will the Minister be introducing regulations requiring a full statement, when so-called 100 per cent. mortgages are being advertised, of the true rates of interest comprising such mortgage facilities? Is the hon. Gentleman aware that this is a source of great concern to young couples in particular?
§ Mr. Fraser
I understand that, and I have recently made regulations to determine the effective rate of charge for credit. I expect the advertisement disclosure regulations to take effect towards the end of the year.