Consumer Credit

EDM number 850 in 2010-12, proposed by Katy Clark on 18/10/2010.
Categorised under the topics of Competition and Loans.

That this House expresses concern at the amount of literature sent by post by consumer credit companies advertising loans and credit cards; notes that often such literature suggests that recipients have been pre-approved for a product despite providing no information as to the pre-selection criteria used; expresses further concern that often such literature states that companies are regulated by the Financial Services Authority (FSA)despite the FSA having no regulatory role in the unsecured credit market; believes that this could potentially give recipients a false sense of security regarding the product advertised; notes that such literature is likely to disproportionately impact upon people in vulnerable financial positions; and calls on the Government to strengthen the regulation of the unsecured credit industry to ensure that any literature produced by consumer credit companies is both detailed and accurate.

This motion has been signed by a total of 39 MPs, 1 of these signatures have been withdrawn.