Consumer Credit Act

HC Deb 14 March 1977 vol 928 c21

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.