§ Mr. McCrindleasked the Secretary of State for Trade and Industry if he is satisfied with the operation of the Consumer Credit Act; if he has any proposals to seek to amend it in the light of developments in credit provision since it was enacted; and if he will make a statement.
§ Mr. FletcherWith the coming into force of the remaining provisions of the Consumer Credit Act on 19 May, the Act will now offer consumers comprehensive protection over the full range of credit and hire agreements. I believe that traders, who have been extensively consulted about the new regulations which came into force on 19 May, will also benefit from the rationalisation of the law on credit, some of which was over a century old. I cannot rule out changes to the Act in due course, but I believe it would be premature to take any decision on this until we have had some experience of the Act operating as a whole.