HC Deb 29 March 1983 vol 40 cc114-5W
Mr. Parry

asked the Minister for Trade if he is satisfied with the working of the Consumer Credit Act 1974; and if he will make a statement.

Dr. Vaughan

I shall reply to the hon. Member as soon as possible.

Mr. McCrindle

asked the Minister for Trade whether the regulations which he intends to lay before Parliament shortly to implement the remaining provisions of the Consumer Credit Act 1974, will put an end to small print in credit agreements.

Dr. Vaughan

I firmly believe that credit agreements should be easy to read and easy to understand. The regulations will require all credit and hire purchase agreements to be "easily legible" and I have written to trade associations, individual companies arid other organisations to stress the importance that I attach to this requirement and the need to avoid small print. I have also asked that, in reviewing their agreements to meet the new legal requirements, the association and companies take this opportunity to put more plain language into their agreements and so make them easier to understand.

I have placed a copy of my letter in the Library of each House.