19/05/2005

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Better deals are on the cards for borrowers with today's re-introduction of the government's Consumer Credit Bill.

Under the conditions of the bill regulation of the credit market will be sharpened up and consumers will become better protected and have an easier complaints process open to them.

The main points of the bill include: improved powers for the Office of Fair Trading, and the introduction of an independent ombudsman to make it easier for rogue lenders to be challenged; the introduction of a new licensing system to make it harder for disreputable companies to enter the market; and the creation of a new requirement for lenders to keep consumers better informed over their credit accounts.

Consumer Minister Gerry Sutcliffe said: "The consumer credit market was last reformed 30 years ago, and since then it has changed immeasurably. While credit is a useful tool for the majority, unfair lending and ill-informed borrowing decisions can cause real problems for some people.

"This Bill is an important step towards achieving our objectives of creating a fair, clear and competitive consumer credit market, and enhancing consumer protection, particularly for the most vulnerable."

The introduction of the bill is part of government efforts to help consumers by making the credit industry more transparent.

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