FINANCIAL SERVICES (UNFAIR TERMS IN CONSUMER CONTRACTS) BILL

That this House welcomes the provisions of the Financial Services (Unfair Terms in Consumer Contracts) Bill; notes that the provisions of the Bill amend existing legislation so that the Office of Fair Trading (OFT) will be able to consider whether financial services consumer contracts are fair; further notes that it is almost a year since the Supreme Court found against consumers on this issue; regrets that the financial services industry has not yet agreed with the OFT a way forward; considers that these provisions are a necessary first step, regardless of the outcome of the discussions between the OFT and the Lending Standards Board due to be concluded by December 2010; and calls on the Government to support the provisions of the Bill.