Select Committee on Treasury Second Special Report


APPENDIX 1

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 Box—an 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.

Stephen Childerstone

Consumer Credit Review Team

Consumer and Competition Policy Directorate

Department of Trade and Industry

27 February 2004

Government Response


 
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