Government Announces Credit Shake-Up
New legislation is announced to increase credit industry transparency
9th June 2004
New rules on credit advertising are to be put before Parliament on Wednesday, as part of the government's ongoing reform of credit industry regulation.
The main change will be that all advertising will have to make the APR of any credit offered the 'most prominent' part of the advert, and the methods used to calculate APR will be standardised.
Also, customers will have to explicitly sign for any additional insurance taken out with the credit, such as payment protection, and the maximum allowed size of settlement fees will be reduced.
Read More: Department of Trade and Industry
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