Liberal Democrats in Business

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Home Credit Industry Report Encouraging - Cable

1.28.32pm BST (GMT +0100) Thu 27th Oct 2005

Vince Cable MP, Liberal Democrat Shadow Chancellor

Commenting on the Competition Commission's 'emerging thinking on the home credit industry' document published today, Vince Cable MP, Liberal Democrat Shadow Chancellor, said: "The Competition Commission's initial findings are very encouraging. They identify the fact that the home credit market provides a valuable service.

"The document also identifies a lack of effective competition in the market. The ball is now in the court of the home credit industry to prove that there is effective competition and that they are not exploiting their customers.

"Providers need to concentrate not only on price competition but also on issues surrounding customers switching loans, expansion of providers in the market, and better data sharing."

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