§ Norman LambTo ask the Secretary of State for Trade and Industry if she will make a statement on what conclusions she has reached as part of her Department's review of the Consumer Credit Act 1974 with respect to the questions of(a) how credit card annual percentage rates are calculated and (b) whether there is a case for reform of the statutory rules. [90030]
§ Miss Melanie Johnson[holding answer 13 January 2003]A review of the Consumer Credit Act was announced in July 2001. To date, consultation papers have been published on the financial limits in the Act and the agreements that are exempt from its control; the early settlement of consumer credit agreements; and the conclusion of agreements by electronic means.
Taking the review forward, I will shortly be consulting on changes to the licensing system and to provisions on extortionate credit.