Will Brits with banking jobs welcome credit review?

The government has announced it is to review current consumer credit and personal insolvency practices, with one sector commentator noting the announcement is timely.

In news that may go on to have an effect on those with banking jobs in London, Consumer Affairs Minister Edward Davey revealed that he and Mark Hoban, the Treasury’s financial secretary, will be covering areas such as the way credit is sold and how much consumers understand the commitment they are making.

Making his announcement while meeting with the All Party Parliamentary Group on Debt and Personal Finance, he added that current insolvency solutions and how well they work will also be on the agenda, with the government hopeful this is an opportunity to reshape policy, leading to a full consultation.

Tom Howard, spokesperson for the Consumer Credit Counselling Service said that the news will be of great benefit to consumers.

"The success of debt relief orders has highlighted the need for the Insolvency Service to conduct a thorough review of insolvency options and debt solutions to make sure they are complete," he added.

Mr Howard explained that a review would also help to ensure that the real needs of consumers are being met.