Consumer Credit and Personal Insolvency: call for evidence

The Consumer Minister, Mr Edward Davey MP (pictured), and the Financial Secretary to the Treasury, Mr Mark Hoban MP, have today launched a call for evidence into how people can get a fairer financial deal as part of the Government’s review into consumer credit and personal insolvency. The website is here.

This BIS call for evidence invites people to have a say on how the existing consumer credit and personal insolvency regimes might be improved and seeks views on a number of Coalition commitments, including:
  • tackling unfair bank charges;
  • introducing a seven-day cooling off period for store cards;
  • introducing a power for a regulator to cap interest rates on credit and store cards; and
  • requiring credit card providers to make electronic statements available to enable consumers to judge whether an alternative credit card would provide better value for money.

The personal insolvency aspects of the review start at Part Five. Some of the issues are familiar. It is pleasing to see that the Government are taking up issues which were originally highlighted in research submitted to them as long ago as 2007.

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