Transparency Of Credit Card Charges Report Together With Formal Minutes
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Transparency Of Credit Card Charges Report Together With Formal Minutes
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Author : Great Britain. Parliament. House of Commons. Treasury Committee
language : en
Publisher:
Release Date : 2003
Transparency Of Credit Card Charges Report Together With Formal Minutes written by Great Britain. Parliament. House of Commons. Treasury Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Consumer credit categories.
The Committee's report examines a number of issues of public concern regarding how the credit card industry deals with its customers, particular in relation to the lack of transparency in information provision about interest rates and charges made on credit and store cards, and the role which charging and marketing methods are playing in the rise of high personal debt levels. The report's findings include that the introduction of clearer information about the credit card charges through a 'summary box' giving examples of the cost of different borrowing scenarios should improve transparency and this approach could be extended to monthly statements. Concerns are also noted about the effects of risk-based pricing on consumers, the current level of penalty charges, and of irresponsible lending practices which encourage people into 'sleep-walking' into a situation of over-indebtedness. However, not all the fault lies with lenders, and users must also recognise that credit cards are an expensive method of long-term borrowing. The Committee states its strong support for the OFT's decision to examine the store card market, where evidence suggests competition is not working properly. The Committee expresses hope that the Government's White Paper (Cm 6040, ISBN 0101604025) will promote effective action, and notes that the OFT needs to take a more proactive approach to protect consumer interests.
Credit Card Charges And Marketing
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Author : Great Britain. Parliament. House of Commons. Treasury Committee
language : en
Publisher:
Release Date : 2005
Credit Card Charges And Marketing written by Great Britain. Parliament. House of Commons. Treasury Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Credit card fees categories.
Following on from the Committee's earlier report on the lack of transparency in credit card charges and marketing practices (HCP 125-I, session 2003-04; ISBN 0215014472) published in December 2003, this report assesses the subsequent progress made by credit card issuers to establish a fairer deal for consumers. It finds that there has been a positive response from the industry on some areas, such as improving clarity of information on statements and the introduction of a single method of calculation for annual percentage rates (APRs). Support is also given for the actions by the DTI and the OFT to improve regulation of marketing and charging practices for credit and store cards. However, more needs to be done in a number of areas including greater transparency about use of penalty charges, ending the practice of issuing unsolicited credit card cheques, greater data-sharing between lenders, and investigation by the FSA about the marketing of payment protection insurance.
The Merger Of Customs Excise And The Inland Revenue
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Author : Great Britain. Parliament. House of Commons. Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2004
The Merger Of Customs Excise And The Inland Revenue written by Great Britain. Parliament. House of Commons. Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Customs administration categories.
The Government has announced its intention to merge the Inland Revenue and HM Customs and Excise departments into a single department, to be called HM Revenue and Customs, in line with the recommendations of the O'Donnell report ('Financing Britain's future: review of the Revenue departments, Cm 6163; ISBN 0101616325) published in March 2004. The Committee's report examines the case for merger; expected costs and benefits; risks; legislation: confidentiality and powers of the new department; tax policy-making; and ministerial accountability. The Committee supports the decision in principle and looks forward to a detailed analysis of expected costs and benefits being carried out as soon as practicable, and also supports the introduction of new accountability arrangements. However, the fact that the Executive Chairman will report to three Treasury Ministers on various aspects of the new department's work appears unnecessarily cumbersome, and recommends that this should be reviewed in light of practice once the new department has been created.
Cash Machine Charges
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Author : Great Britain. Parliament. House of Commons. Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2005
Cash Machine Charges written by Great Britain. Parliament. House of Commons. Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Business & Economics categories.
About one third of ATMs now make direct charges to consumers, and in 2004 it is estimated that UK consumers paid £140 million in charges made whilst accessing funds through cash machines. The Committee's report examines the principle and increasing trend towards charging, the clarity of presentation of these charges to the consumer, the likely impact on financial exclusion and low-income households, and key areas for action from government, regulators and the industry. Findings include that although there has been an increase in free machines as well as charging machines, their location and the lack of transparency about which machines make charges hinders genuine competition and consumer choice. Recommendations include that there should be a clearer indication of the amount of surcharge on external signage with standardised labelling for all free and charging machines. The LINK network agreement needs to improve consumer representation and its enforcement mechanisms. The trend towards ATM charges should not be allowed to exacerbate existing financial exclusion, and the Government should ensure that the switch to direct payment of benefits does not disadvantage recipients in their access to cash.
Annual Report For 2004
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Author : Great Britain: Parliament: House of Commons: Liaison Committee
language : en
Publisher: The Stationery Office
Release Date : 2005
Annual Report For 2004 written by Great Britain: Parliament: House of Commons: Liaison Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Political Science categories.
Annual report For 2004 : First report of session 2004-05, report, together with appendices and formal Minutes
The Stationery Office Annual Catalogue
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Author : Stationery Office (Great Britain)
language : en
Publisher:
Release Date : 2004
The Stationery Office Annual Catalogue written by Stationery Office (Great Britain) and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Government publications categories.
Index To Chairmen
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Author :
language : en
Publisher:
Release Date : 2004
Index To Chairmen written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Government publications categories.
Credit Searches
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Author : Great Britain: Parliament: House of Commons: Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2009
Credit Searches written by Great Britain: Parliament: House of Commons: Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
The report by the Treasury Committee calls on the Office of Fair Trading and the Information Commissioner's Office to investigate the fairness of a part of the credit market. The Report follows an inquiry sparked by concerns that in shopping around for credit, especially for unsecured credit such as personal loans and credit cards, consumers were building up a record of credit application searches on their credit reference files and that high numbers of recorded applications in fact made it harder for them to obtain credit, or affected the rates charged. The Committee's inquiry considered a range of evidence, including from members of the public who responded to a call put through web site moneysavingexpert.com to provide examples of their experiences and difficulties obtaining credit, credit search companies themselves, the OFT, ICO and others. The Report concludes that there is a fine balance of public interest between ensuring that fraud is prevented and consumers are protected from reckless lending, and ensuring that the market is subject to the disciplines of informed consumer choice. Loan providers have over 400 indicators that they may use to assess suitability; the Committee did not get compelling evidence that application search data is essential. Nor was it presented with overwhelming evidence that making multiple application searches is a major source of direct consumer detriment, although the number of consumers doing this seems likely to rise. However, the Committee was extremely concerned about the effect of the use of credit searches on market mechanisms, since, in principle, the ability to shop around is not only an important means for consumers to assess the market, but also provides a key discipline on providers. During the course of the inquiry the Committee heard about some solutions which could reduce the adverse effects of the use of credit application search data in credit reference files; it considers that any acceptable solution must strike an appropriate balance between minimising fraud and over-borrowing and ensuring the market is subject to normal market disciplines. It recommends that the OFT look at this.
Public Bbc First Report Of Session
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Author : Great Britain. Parliament. House of Commons. Culture, Media, and Sport Committee
language : en
Publisher: The Stationery Office
Release Date : 2004
Public Bbc First Report Of Session written by Great Britain. Parliament. House of Commons. Culture, Media, and Sport Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
The Committee's report on the BBC's Charter review focuses on four inter-related issues: i) the scope and remit of the BBC in the context of the growth of digital TV and on-going technological developments in audiovisual communications; ii) its funding mechanism; iii) its governance and regulation; and iv) whether a Charter provides the most appropriate means of establishing the Corporation in a rapidly-changing communications environment. Key aspects considered include the role, definition and scope of public service broadcasting, the growth of multichannel television, the on-going roll-out of broadband networks, and the Government's plans to switch off the analogue television signal. The report makes 38 conclusions and recommendations, including i) the BBC should be placed on a statutory basis by Act of Parliament at the earliest opportunity, with allowance for pre-legislative scrutiny by a joint Committee of both Houses; with a five year Charter to cover the interim period, between the date the current Charter expires at the end of 2006 and the passing of the recommended legislation; and ii) fundamental changes in the governance system of the BBC, with responsibility for corporate governance separated from maintenance and regulation of its independence.
The Future Of Cheques
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Author : Great Britain. Parliament. House of Commons. Treasury Committee
language : en
Publisher: The Stationery Office
Release Date : 2011-08-24
The Future Of Cheques written by Great Britain. Parliament. House of Commons. Treasury Committee and has been published by The Stationery Office this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-24 with Banks and banking categories.
The industry-dominated Payments Council should no longer have the unfettered power to decide the future of cheques, or other payment methods that directly affect millions of people, the Treasury Select Committee says in this report. Responding to concern from the general public and the Treasury Committee, the Payments Council announced on 12 July 2011 that cheques will continue for as long as customers need them and that the target for possible closure of the cheque clearing in 2018 had been cancelled. The Committee welcomes this belated decision of the Council to retain cheques, but warns the Council to ensure that the banks do not attempt to abandon cheques by stealth, nor deter customers from using cheques. The report recommends that: the Treasury should make provision in the forthcoming Financial Services Bill to bring the Payments Council formally within the system of financial regulation; the Council must obtain a commitment from the banks to give the Council advance sight of any material related to the future availability of cheques that the banks send to their customers; all banks should write to their customers stating that cheques will continue to be in use for the foreseeable future; the Payments Council should examine the reintroduction of the cheque guarantee card; changes be made to the composition of the Board of the Payments Council in order significantly to strengthen the voice of consumers.