The Department for Business, Innovation and Skills (BIS) and HM Treasury have today published their response to the consumer credit elements of the Government’s Review of Consumer Credit and Personal Insolvency. The response builds on a number of Coalition commitments to increase transparency and help consumers make better financial decisions when borrowing money and deals specifically with:

• unarranged overdraft charges;

• introductory discounts when taking out a store card;

• interest rate caps on credit and store cards;

• and other consumer credit issues, including high cost credit.

Responding to consumer concerns about the lack of control and transparency over bank charges, the Government has driven forward a voluntary agreement which will apply to all full-facility current accounts offered by the major banks. Under the new agreement, over 85 per cent of personal current account customers will benefit from...Read more here---> CCR Magazine - Millions of bank customers to benefit from improved current account measures