22.
asked the Secretary of State for Prices and Consumer Protection what proposals he has for implementing the remainder of the Consumer Credit Act.
8.
asked the Secretary of State for Prices and Consumer Protection when he proposes to make regulations to enable consumers to ask the courts to reopen cases of unreasonable credit bargains.
32.
asked the Secretary of State for Prices and Consumer Protection whether he will now make a statement on the right of access by consumers to credit reference agency files on themselves.
I expect to make regulations and an order early in 1977 which will prescribe the content and method of calculation of the rate of total charge for credit and which will determine which agreements are to be regulated by the Consumer Credit Act 1974. At the same time, I intend to make an order and regulations which will bring into operation the provisions relating to credit reference agencies and extortionate credit bargains and which will start the second tranche of licensing. I hope to make the regulations relating to advertising and seeking business later in 1977. Other provisions will be made effective after this.
While I warmly welcome such progress as has already been made, may I ask whether my hon. Friend does not agree that the time will soon be opportune to activate those parts of the Act dealing with misleading advertisements in connection with credit bureaux and agencies? Is it not of great importance to many people that the true rates of interest which are being charged should be made patently clear to all? Does my hon. Friend realise that we are anxiously waiting for something to be done?
It will not be possible to deal with the "truth in lending" regulations for advertising in the context of agreements until we have the second round of licensing under way. While I agree with my hon. Friend in principle, I can tell him that it is much more difficult in practice to devise simple regulations aimed at providing simple information. There are difficulties about specifying an effective rate of credit in regulations.
Will my hon. Friend confirm that after he has made the new regulations, which will be greatly welcomed, it will be possible for individuals to get all the information held on files which concerns themselves? Will they also be able to get information about companies from those files?
Broadly speaking, they will be able to get information about themselves except where access to a file might reveal confidential information about other people.