Securing a better deal for UK consumers

Cracking down on persistent rogue traders and a ban on unsolicited credit card cheques are at the forefront of measures announced in the Government’s Consumer White Paper today.

“A Better Deal for Consumers - Delivering Real Help Now and Change for the Future” sets out action to promote responsible borrowing and lending and provides a longer term framework to enhance and enforce consumer rights in the wider economy and a changing world.

Check out the quiz at: <a href='http://interactive.bis.gov.uk/consumerquiz/'>http://interactive.bis.gov.uk/consumerquiz/</a>

Core Facts

The Government commits to the appointment of a new Consumer Advocate responsible for co-ordinating work to educate consumers and to help them get their money back when things go wrong.
A wide ranging consultation on significant reforms to the regulation of credit and store cards will be carried out.
A ban on unsolicited credit card cheques.
A review by the Office of Fair Trading of the market for high cost credit, typically above 50% APR, such as pay day loans and door step lending.

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Quotes

Business Secretary Lord Mandelson

The Government is determined to help consumers during the current economic difficulties. Many family budgets are under unprecedented strain.

We’re already providing targeted help to protect people from falling into debt and to support those who get into difficulty.

But we need to do more. Our aim is to help consumers make better informed borrowing decisions.

Consumer Minister Kevin Brennan

Consumers have been seriously affected by the past two years of turmoil in the financial markets, as well as by the longer term changes in the way that goods and services are bought and sold. We are taking decisive action now to prepare for the future.

We are delivering a new approach to consumer credit with a review of the regulation of credit card and store cards. We are imposing requirements on lenders to explain their products and to check creditworthiness before they lend, and revised OFT guidance to tackle irresponsible lending.

There will also be tougher action against rogue traders and fraudsters who look for ways to fleece consumers out of their hard-earned cash, and a new emphasis on consumer rights spearheaded by the Consumer Advocate