Liberal Democrats in Business

News and views from the Lib Dem Trade and Industry Team, Vince Cable and Brian Cotter

Credit Card Report Blows Gaff On Unnacceptable Practices

12.00.00am GMT Thu 18th Dec 2003

Liberal Democrat Shadow Treasury Minister and member of the Treasury Select Committee, Norman Lamb MP, commenting on the publication of the Committee's report on credit cards, said: "This report blows the gaff on the unacceptable sales and marketing practices used by companies offering credit cards, inertia on the part of the Department of Trade and Industry, and the complacency of the Office of Fair Trading."

The Committee's report criticises the OFT for failing to effectively tackle uncompetitive practices, and the DTI for taking too long to amend relevant legislation.

Norman Lamb also said: "I am pleased that the report presents a balanced picture, recognising the potential benefits of credit cards but also challenging the outrageous lack of transparency surrounding the real costs of credit."

"We will only get a truly competitive credit card market, hopefully also delivering lower prices for consumers, if there is clear and comparable information on each card. There has been some positive feedback to this idea from the industry during the Committee's inquiry, and I hope that it will be taken up. There is an urgent need for more clarity."

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[Other news stories from December 2003 (21)]

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Tue 16th Mar 2004:

[Time Has Come To Tackle Credit Card Complexities - Cable]

Mon 10th Nov 2003:

[Credit Card Fraud Great Cause For Alarm]

Thu 16th Oct 2003:

[Credit Card Sharps Must Tell It Straight]

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