§ Mr. Arnoldasked the Secretary of State for Prices and Consumer Protection whether he has made any estimate of the effects of the Consumer Credit Act on the day-to-day workings of the clearing banks; and if he will institute a review of the working of the Act.
§ Mr. John FraserI have no reason to believe that the provisions now in operation have an appreciable effect on the day-to-day workings of the clearing banks. The Director General of Fair Trading has a statutory responsibility to keep the working of the Act under review.
§ Mr. Arnoldasked the Secretary of State for Prices and Consumer Protection what recent representations he has received from members of the public, from the clearing banks, from the merchant banks, and from secondary banks and finance houses, respectively, about the working of the Consumer Credit Act.
§ Mr. John FraserOne clearing bank has made representations about section 75. A few letters have been received from members of the public on other provisions of the Act; some of the letters inquired when further provisions were to come into operation. The clearing banks 271W and finance houses—which includes the secondary banks—have made representations in response to consultation on regulations which I propose to make under the Act. All such representations are considered with great care. The clearing banks have also sought partial exemption from certain provisions of the Act. I have received representations opposing such exemption. The merchant banks have made no representations.