Mark has warmly welcomed a new series of UK Government measures to boost the power of consumers and support people in debt. These are

• a clamp down on irresponsible lending by credit card companies
• a universal obligation on banks to offer basic bank accounts
• the launch of a new free money guidance service funded by a levy on the banks

To see full details click here.

Mark said:
 
“I am really pleased to see the Government taking strong action to protect vulnerable people from exploitation.
 
People without access to bank accounts are more likely to turn to companies charging sky-high rates of interest and without proper advice their debts can quickly get out of control.
 
Credit card companies should remember that they have responsibilities to their customers as well as to their shareholders.”
 
The most important of the new rules on credit and store cards is that they will require the most expensive debt to be paid off first. They also include

• a ban on credit limit and rate increases for people in financial difficulty
• a 60 days breathing space within which anyone else can reject interest rate increases

The obligation on all banks to provide basic bank accounts will help cut the 1.75 million adults in the UK who are still without a bank account and so more likely to look to unofficial lenders for credit.

For Alistair Darling’s Budget speech with the announcement click here.
 
The UK Government obliged the banks to fund the new free independent Moneymadeclear, money guidance service, which has just been launched across the UK. It offers a helpline, website and face to face advice.
 
Mark has campaigned strongly against financial exclusion. He chairs a cross party group in Parliament which has been raising the issue of people who don’t have access to banking services and affordable credit. You can find more details of the group’s work here.

He led a debate last year at Westminster on scam websites that prey on vulnerable people in financial difficulty. To read his speech click here.

Mark has worked with Citizens Advice Scotland to publicise the problems of people in debt. To see a motion he sponsored in Parliament on this click here.