Saturday, 18 December, 2004

The Trade and Industry Secretary Patricia Hewitt introduced the bill

BBC Radio 4's Money Box was broadcast on Saturday, 18 December, 2004 at 1204 GMT.

The programme was repeated on Sunday, 19 December, at 2102 GMT.

Consumers are to be given greater protection against unscrupulous lenders under draft legislation introduced to Parliament on Thursday.

Under the plans people would be able to challenge unfair credit agreements through an independent ombudsman, and rogue companies could face harsh financial penalties.

Lenders will also be obliged to provide more complete information about customers' accounts, and more targeted credit licensing would operate.

The Consumer Credit Bill will update the 30-year-old Consumer Credit Act.

Introducing the bill, Trade and Industry Secretary Patricia Hewitt said it would bring the UK's credit legislation up-to-date with the modern consumer credit market.

We spoke to Consumer Minister Gerry Sutcliffe about the proposals, and heard from Damon Gibbons of the Debt on our Doorstep campaign, who believes the bill does not go far enough.

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