GOVERNMENT RESPONSE TO THE FIRST REPORT
OF THE TREASURY COMMITTEE, SESSION 2003-04 (HC 125)
Letter to the Clerk of the Committee
I enclose the Government's Response to the above
Report. This addresses only those recommendations that are directed
to the Government.
Recommendations 7 and 9 to 13 concern the design
and use of the Summary Boxan industry initiative. Recommendations
22 and 25 on the order of payments and penalty fees are also addressed
to the credit industry.
Recommendation 45 on competition and pricing in the
store card market is a matter for the Office of Fair Trading.
Recommendations 46 to 48 deal with the role of retailers
in respect of store cards.
Recommendation 50 concerns the role of the credit
industry in promoting financial literacy.
The issues set out in the conclusion to the Report
(Recommendations 53 to 55) have been addressed in the introduction
to the Government's Response.
I understand that the Office of Fair Trading has
submitted a separate response addressing the aspects of the Report
that are directed at its areas of responsibility.
Consumer Credit Review Team
Consumer and Competition Policy Directorate
Department of Trade and Industry
27 February 2004