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Building Societies

Volume 29: debated on Thursday 28 October 1982

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asked the Chancellor of the Exchequer whether he considers that present regulations are adequate to ensure that building societies provide sufficient information for borrowers and the investing public.

Generally, yes. My hon. Friend the Minister for Consumer Affairs is at present considering a report from the Director General of Fair Trading on whether the present exemption of building societies from certain requirements of the consumer credit advertisements and quotations regulations, including the requirement to quote the annual percentage rate for loans, should be continued. If the right hon. Gentleman has in mind any particular points which he would wish to be taken into account when the Chief Registrar next revises the Building Societies (Accounts and Annual Returns) Regulations, or more generally, perhaps he would write to me.