§ Mr. McCrindleasked the Secretary of State for Prices and Consumer Protection if he plans to extend the Consumer Credit Act to control the advertising of mortgage facilities.
§ Mr. John FraserThe Consumer Credit Act already gives me powers to control advertising of all personal credit secured on land, whether secured by a mortgage or not, and I hope to introduce regulations later this year.
§ Mr. McCrindleasked the Secretary of State for Prices and Consumer Protection (1) if he will seek powers under the Consumer Credit Act to require proof to be given in advertising of the availability of 100 per cent. mortgages;
(2) if he will seek power to require details to be revealed of the constituent parts of a 100 per cent. mortgage when advertised including the different rates of interest chargeable on each part.
§ Mr. John FraserThe powers in the Consumer Credit Act regarding advertising are wide and flexible and appear to be adequate to deal with such abuses. I hope to be able to make regulations later this year, although it may not be appropriate to deal with the matters mentioned in exactly the manner suggested by the hon. Member.