PARLIAMENTARY EARLY DAY MOTION
FINANCIAL SERVICES (UNFAIR TERMS IN CONSUMER CONTRACTS) BILL (26 October 2010)

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.

Sponsored by:
Baroness Burt of Solihull (Liberal Democrat)