Select Committee on Treasury Sixth Special Report



APPENDIX SUPPLEMENTARY GOVERNMENT RESPONSE TO THE FIRST REPORT OF THE TREASURY COMMITTEE, SESSION 2003-04 (HC 125)

Letter to the Clerk of the Committee

The Government response to the above Report that I forwarded to you under cover of my letter of 27th February identified a number of areas where policy was still in development and undertook to provide an update by way of a further response once those issues had been settled. This supplementary response is attached.

As you know, the Government have been considering issues relating to credit card transparency under the aegis of the White Paper "Clear, Fair and Competitive - the Consumer Credit Market in the 21st Century" which was published for consultation on 8th December last year. As the next step in the White Paper implementation process, the Department is today publishing a summary of responses to the White Paper package. Also published today are statutory instruments to give effect to the new rules on transparency - governing the advertising of consumer credit; the provision of pre-contract information; the form and content of credit agreements; and the early settlement of loans.

I enclose copies of the Statutory Instruments, along with their accompanying Regulatory Impact Assessments and the memoranda that have been prepared for the House of Lords Select Committee on the Merits of Statutory Instruments. We will shortly be publishing guidance on the legislation, and I will ensure that this is forwarded to the Committee as soon as it is available.

Stephen Childerstone
Consumer Credit Review Team
Consumer and Competition Policy Directorate
Department of Trade and Industry

9 June 2004


 
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