Lord Martin of Springburn
Main Page: Lord Martin of Springburn (Crossbench - Life peer)
Baroness Wilcox
My Lords, I thank the noble Lord for that question and for actually giving part of the answer. The line to take on this is that advertisements for high-cost credit, such as those for instant loans, should carry a wealth warning. We are looking at that interesting idea. The Office of Fair Trading has just made a report which we will be looking at to find a way forward on all of this. This issue affects all of us and it does not matter which side of this House we are on. We all understand the idea that people have to have access to some form of lending and credit, but I can quite understand that seeing these advertisements on the television has upset an awful lot of people, who think that it sounds far too easy. We are and will be looking at ways to see if we can make clearer the information that the general public get, in a language that they can understand.
Lord Martin of Springburn
My Lords, can I receive an assurance that every help and assistance will given to community-based credit unions which do excellent jobs and give people in the poorest areas an opportunity to have a say in the running of their own financial affairs?
Baroness Wilcox
I am delighted to hear someone mention credit unions. They are a wonderful idea. When I chaired the National Consumer Council, we did our very best to get people interested in credit unions. They work extremely well in Germany and Canada, but for some reason they have never taken off as well in this country as we would like. It is a very simple form of people coming together, putting the money together and getting a loan when they need it. We will try again to see if we can market this idea better. It is a wonderful way and we do so hope that we can manage to bring this forward. I know that the previous Government tried as well.