§ Mr. GardinerTo ask the Secretary of State for Trade and Industry (1) if she will take steps to simplify the formula for calculating APRs on credit cards once the industry adopts an honesty box or summary table of its fees and charges on promotional material; [129871]
(2) what assessment she has made of the benefits of reforming APRs on credit cards so that additional charges are not included in the APR formula. [129872]
§ Mr. SutcliffeI intend to publish a White Paper in the autumn, which will set out the Government's intentions for the reform of the consumer credit regime.
This will be followed by a detailed consultation on a unified method for calculating APRs on credit cards and the information that industry will have to include in promotional material and credit agreements.
§ Mr. GardinerTo ask the Secretary of State for Trade and Industry what discussions her Department has had with the European Union on section 75 of the Consumer Credit Act 1974. [129881]
§ Mr. SutcliffeThe Department is working hard in the negotiations, within the European Union, on a revised Consumer Credit Directive to ensure that we maintain the joint and several liability protections that currently govern credit card use in the UK. I am not prepared to see this important and valuable piece of consumer protection removed.
§ Dr. CableTo ask the Secretary of State for Trade and Industry pursuant to her answer of 17 July,Official Report, column 507W, on the Consumer Credit Act, when she expects to publish the results of the consultations. [128751]
§ Mr. SutcliffeThe Government will publish a white paper on consumer credit during the autumn. This will include our proposals on the reform of the licensing regime. Shortly after the publication of the white paper we will also publish a summary of the responses to the recent consultation.