Gardiner Welcomes Decision to Proceed with the Honesty Box

PRESS NOTICE

From Barry Gardiner, MP for Brent North
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– For Immediate Release –



Gardiner Welcomes Decision to Proceed with the Honesty Box

20 August 2003

Barry Gardiner, MP for Brent North, has welcomed moves by the credit card industry to proceed with plans for an Honesty Box on all credit card promotional material. Speaking after a meeting with representatives from the Association of Payment Clearing Services (APACS) at which the plan was discussed Mr. Gardiner said: "I welcome the credit card industry’s decision to implement a summary box on all credit card promotional material. I am glad that the industry has finally seen the benefit of increased transparency. I am sure much of this is down to the hard work of the people at APACS."

The Honesty Box is a simple table which would standardise the presentation of credit card charges and fees in all promotional material for card companies. APACS is currently in final negotiations with credit card companies over the format and timetable for implementation of the summary box. It is believed the box will come into force next year.

Mr. Gardiner originally set out his proposals for an Honesty Box in an adjournment debate he tabled in February. Since then he has been lobbying both the industry and government to move ahead quickly with the implementation of the plan.

Speaking about the news APACS delivered at his Tuesday meeting Mr. Gardiner said: "This decision is very good news for consumers. It will allow them to easily work out the advantages and disadvantages of signing up to any of the thousands of cards currently available. I am sure consumers will welcome this increased transparency. I want consumers to make informed decisions about what cards to sign up with and to base this decision on what is personally best for them. Hopefully we will move away from the current obsession with APRs."

Mr. Gardiner is now keen for the government and the industry to address the problems with the calculation of APRS on credit card promotional material.