The government has rejected criticism of the DTI's handling of consumer credit reform and says consumers taking out credit agreements in future will be markedly more protected by pending legislation, according to comments received by the Treasury Select Committee and published in its Second Special Report into credit card charges.
Both primary and secondary legislation will be beefed up, the government promises, in order to boost transparency in the market for credit cards, making it easier for consumers to keep on top of their debts and make genuine choices between card providers. New primary legislation will be introduced as soon as possible, the government says, which will: improve enforcement of standards of conduct, enable borrowers to challenge unfair credit transations, and not only those that are “extortionate”, introduce a system of alternative dispute resolution. Proposed secondary legislation w...
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