§ Mr. David StewartTo ask the Secretary of State for Trade and Industry what assessment she has made of the effects of the interest rates charged by store cards on consumers. [131357]
§ Mr. Sutcliffe[holding answer 14 October 2003]: The Department has had no specific discussions regarding the interest rates levied on, or the terms and conditions associated with, store cards.
However, the DTI is reaching the conclusion of its review of the Consumer Credit Act 1974. Government proposals in this area will be set out in a White Paper planned for publication in the autumn. This will address 292W issues such as the transparency of credit products including how they are sold to consumers, advertising and the form and content of credit agreements.
Through discussions and focus groups, we have been particularly careful to involve key stakeholders from consumer groups, business and enforcement agencies at all stages of the review.
In terms of consumer protection, the objective is to increase transparency and understanding throughout the UK credit market, empowering consumers to make informed financial decisions.
You may also be aware that the Department of Trade and Industry recently appeared to give evidence at a Treasury Committee inquiry into the transparency of credit charges.