§ Mr. IllsleyTo ask the Chancellor of the Duchy of Lancaster how many responses he has received to his Department's proposals to amend the Consumer Credit Act 1974; and whether he will supply details of the nature of the responses.
§ Mr. MaudeThe Department has recently undertaken several consultation exercises on proposed amendments to consumer credit legislation covering areas such as secured lending, advertising of credit, inclusion of broker's fees in calculation of the APR, licensing and EC proposals for a directive on a harmonised method of calculating the APR. The White Paper "Releasing Enterprise" Cm. 512 also lists proposed amendments to consumer credit legislation.
About half the bodies consulted about such proposals normally respond. The majority of the proposed amendments are to simplify and clarify the legislation, to reflect the current practices of the credit industry or to remove onerous requirements from lenders or borrowers. Many of the changes have been suggested by lenders or borrowers and the proposed changes have been generally supported by consultees.