Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-04-19-Speech-1-073"
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"en.20040419.6.1-073"2
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"Mr President, research carried out in the UK on consumer credit awareness has demonstrated very clearly that consumers need clear, consistent information to be able to make informed comparisons of the products on offer. It is true that, owing to innovation and evolution, many of today's products offer the consumer more choice and flexibility, but many are difficult for consumers to understand: 56% of consumers in the UK did not understand the terms used in credit agreements, 77% find the language in advertising confusing and while 68% are aware that lenders do not calculate APR in the same way, they do not know how the system works and find it difficult to price one loan against another, which makes it difficult for them to shop around for the best deals. More importantly, it also means that credit providers are under less pressure to keep their prices and offers competitive. If this is the case in just one Member State, imagine what the situation is like across 25. This is why the directive must provide maximum levels of consumer protection as regards advertising, information and rules on the calculation of APR and a high level of consumer protection and redress.
I would like to pinpoint two areas that the Commission should look at more seriously. Firstly, joint and several liability. In the UK, Section 75 of the Consumer Credit Act provides for remedies and redress. I understand what the Commissioner is saying: Member States can go further. However, I do not want this directive to be used as an excuse for credit providers to opt out of the very high consumer protection that is already offered in other Member States.
Cooperatives and credit unions were also mentioned. I am delighted that the rapporteur has taken on board the amendment drafted by Mr Crowley and myself. It is true that credit unions provide a very important service in that they not only offer affordable loans, but also help the poorer elements of the community – the deprived and people on low income – to stay out of the clutches of loan sharks. I fear that if the regulations proposed in this directive were to be applied those consumers in poorer areas would end up with no credit unions and no option but to turn to loan sharks. The PSE voting list tomorrow will reflect our desire not only to see the opening-up of a consumer credit market in this area but also to achieve the highest possible level of consumer protection for consumers right across Europe."@en1
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