§ John RobertsonTo ask the Secretary of State for Trade and Industry (1) what discussions she has had with the Office of Fair Trading regarding high rates of interest levied on store cards; [128144]
what action she is taking to protect consumers from high rates of interest levied on store card; [128145]
648W
£ Date Destination Event Transport Price 3 April 2003 Bristol British Empire and Commonwealth Museum and speech at The Building Legible Cities Conference Train 101.4 4 June 2003 Liverpool Liverpool city council for Capital of Culture Train 256 9 June 2003 Aldeburgh Aldeburgh Festival Train 67 24 June 2003 Eastbourne Speech to The Royal College of Physicians Train 51.4 25 June 2003 Newcastle IPPR Seminar Train 238 1 July 2003 Birmingham Visit to Lichfield Garrick Train 160 (3) what action she is taking to ensure that retail customers are aware of the terms and conditions before signing up for a store card. [128146]
§ Mr. SutcliffeThe Department has had no specific discussions regarding the interest rates levied on, or the terms and conditions associated with, store cards.
My hon. Friend is no doubt aware however, that 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 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.
My hon. Friend 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.