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Starting Date: 27-10-09
Closing Date: 19-01-10
In July 2009, the Government published the White Paper “A Better Deal for Consumers: Delivering Real Help Now and Change for the Future”. One of the commitments we made in the White Paper was to review the regulations governing consumer credit and store cards. This consultation is the first step in taking forward that commitment.
We want to secure a better deal for consumers, giving them improved control of their credit and store card borrowing, whilst also ensuring that any intervention is proportionate, transparent and targeted. We believe that changes to the regulatory regime are likely to be necessary to achieve this. It is therefore important to hear the views of consumer groups, the credit industry and consumers in general to ensure that our approach to reform is appropriate and that we avoid any unintended consequences that could arise from the implementation of any regulatory reforms.
The consultation sets out options for change that cover four specific aspects of the way credit and store cards operate:
It also identifies scope to improve the simplicity and transparency of credit and store cards more generally.
Options range from taking no action to banning some of the four aspects of credit and store cards identified above.
Responses can be submitted by letter, fax or email to:
Christina Anderson
Consumer and Competition Policy Directorate
Department for Business, Innovation & Skills
1 Victoria Street
London
SW1H 0ET
Fax: 020 7215 0357
Email: cscr@bis.gsi.gov.uk
If you are an individual consumer, in addition to any formal response to the consultation you may wish to make, you can visit our credit consultation portal page to read a plain English version of the consultation, leave comments or views on our online forum regarding the issues raised by the consultation, or take our poll on the key issues.
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