To ask the Chancellor of the Exchequer what steps he is taking to encourage the banks and building societies to adopt the recommendations contained in the Jack report on credit advertising.
The banks and building societies have already set up a Committee under the independent chairmanship of Sir George Blunden, former Deputy Governor of the Bank of England, to oversee the preparation of the code of banking practice recommended in the Jack report. The intention is to have the main points of the code in place by early 1991, and the terms of reference of the committee make it clear that consumer and other interests will be fully consulted before the code is finalised. I understand the code will cover the issue of credit marketing as both the Jack committee and the Government have recommended. We shall look carefully at what they propose to see whether it is sufficient or whether any further action is necessary.