Consumer Credit Act

HC Deb 23 January 2003 vol 398 c501W

Norman Lamb

To ask the Secretary of State for Trade and Industry pursuant to her answer of 16 January 2003,Official Report, column 79W, on the Consumer Credit Act 1974, which of the issues raised in the original question are covered by the consultations listed in her answer. [92716]

Miss Melanie Johnson

[holding answer 22 January 2003]The question of how annual percentage rates are calculated as part of a consultation on the simplification of the regulations governing credit advertising. The consultation will then determine any reform of the statutory rules.

In preparation for that, my Department is in regular discussion with the credit industry and consumer bodies on the scope for a common format for the calculation and advertising of APRs on credit cards, and the provision for other key information.