§ Mr. Terry Walkerasked the Secretary of State for Prices and Consumer Protection whether she proposes to take any action about finance companies offering second mortgages at high interest rates.
Mr. Alan WilliamsThe Consumer Credit Act, when fully effective, should provide appropriate protection. Among other provisions, it will require full disclosure of all charges and this will enable consumers to see what range of rates and charges are available from different sources. It will also enable the courts to reopen agreements with extortionate rates. In coming to licensing decisions, the Director General of Fair Trading can take into account as appropriate the trading records of applicants.