HC Deb 08 November 2000 vol 356 cc227-8W
Mr. Drew

To ask the Secretary of State for Trade and Industry if he will list those organisations invited to attend the recent summit on household debt. [137254]

Dr. Howells

[holding answer 7 November 2000]: I invited the following organisations to the conference on tackling over-indebtedness which I hosted on 30 October:

  • Association of Payment Clearing Services
  • British Bankers Association
  • British Retail Consortium
  • Cabinet Office—Social Exclusion Unit
  • Consumer Credit Association
  • Consumer Credit Trade Association
  • Consumers Association
  • Council of Mortgage Lenders
  • Creation Financial Services
  • Credit Services Association
  • Department for Education and Employment
  • Department of the Environment, Transport and the Regions
  • Department of Social Security
  • Department of Trade and Industry—Insolvency Service
  • 228W
  • Equifax
  • Experian
  • Federation of Independent Advice Centres
  • Finance and Leasing Association
  • Financial Services Authority
  • HM Treasury
  • Lord Chancellor's Department
  • Mail Order Traders Association
  • Money Advice Trust
  • National Consumer Council
  • National Association of Citizens Advice Bureaux
  • National Pawnbrokers Association
  • Office of Fair Trading
  • Office of the Data Protection Commissioner
  • Personal Finance Research Centre
  • Scottish Executive
  • Sheriffs of England and Wales.

Mr. Drew

To ask the Secretary of State for Trade and Industry (1) what proposals he has to deal with irresponsible lending by financial institutions; [137255]

(2) if he will make a statement on the outcome of the recent summit on household debt. [137253]

Dr. Howells

[holding answer 7 November 2000]: The meeting was very constructive and creditor representatives have agreed to work with the Government to look at ways of achieving more responsible lending and borrowing.

I will shortly set up an industry task force to look at three key areas: improving the transparency of information provided to consumers before and when concluding a credit agreement, including the small print; adoption of core principles of lending practice, including examining an applicant's overall borrowing exposure and ability to repay; and, requiring clear notification to consumers on free and low interest agreements before the final payment is made.

I hope that the task force will begin its work before Christmas and make recommendations to Government by spring next year.