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The Government today announced a commitment to legislate to stop unsolicited credit increases and the sending of unsolicited credit card cheques. Government legislation will be introduced at the earliest possible opportunity.
This reflects statements made by Gareth Thomas MP, Minister for Trade and Consumer Affairs, in the House of Commons during the Second Reading Debate on the Lending (Regulation) Bill - a Private Members’ Bill introduced by Russell Brown MP – on Friday 27 February 2009. These measures will be taken forward through new Government legislation, if Mr Brown’s Bill does not secure adequate Parliamentary time.
The Government also today announced that we will bring forward a White Paper before the summer on modernised consumer rights law to give people a fairer deal. This will build upon responses to the Consumer Law Review consultation on streamlining and improving the effectiveness of the UK’s consumer protection regime. The White Paper will also initiate a debate on the long term vision for consumer credit in the UK.
The Government also today announced that in light of the Turner Review, which will set out proposals for further strengthening the Financial Services Authority and protecting savers’ deposits, we will review the split of responsibilities between the Financial Services Authority and the Office of Fair Trading for the regulation of second-charge mortgages.
BERR will engage in detailed discussions with interested parties over the coming weeks on both the forthcoming legislation on unsolicited credit card lending and the consumer White Paper.
Further details will be circulated to key stakeholders and posted on the BERR website and in due course.
