Shake-up for loan industry

A major shake-up of the credit industry was unveiled today.

The new rules aim to increase transparency, make it easier to shop around for the best deal and ensure lenders treat customers fairly. They also include measures to tackle rogue lenders.

The move, the latest stage in the Government's reform of the 30-year- o ld Consumer Credit Act, will come into force in October.

The changes to current credit rules include:

to be more prominent than other information

Consumer minister Gerry Sutcliffe said: "The reforms ensure consumers have the fullest information possible." But market analyst Datamonitor warned the new rules may lead to