Liberal Democrats in Business

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OFT's Credit Advertising Review Must Bring Real Changes

1.28.06pm BST (GMT +0100) Tue 22nd Jun 2004

Responding to the OFT's review of credit advertising, Malcolm Bruce MP, Liberal Democrat Shadow DTI Secretary, said: "Banks and credit companies have already milked the British cash cow.

"A 'wallet warning', that some credit deals could seriously damage your wealth should have been demanded by Government.

"The OFT review is a good initiative, but it's years late.

"If action had been taken at the start of this credit boom less people would find themselves in a perilous situation as interest rates begin to rise.

"The onus is now very much on the OFT to show it has developed a bite to back up its bark.

ENDS

Notes

The OFT will launch a review of credit advertising at the Trading Standards Institute Conference today in Manchester. <http://www.oft.gov.uk/News/Press+releases/2004/99-04.htm>

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