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Finance Houses

Volume 892: debated on Wednesday 14 May 1975

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asked the Chancellor of the Exchequer whether he will introduce legislation to ensure that finance houses offering loans on second mortgage to the general public limit the expansion of their business through heavy Press advertising when in receipt of large supporting finance from the Bank of England.

The authorities, by virtue of their responsibilities for both prudential supervision and consumer protection, maintain an interest in the manner in which financial institutions seek business, but I see no need at present to take powers to regulate the level as opposed to the content of advertising.