asked the Minister for Industry and Commerce if he will extend the recent provisions regarding advertising the terms of consumer credit to the deposit taking institutions, in view of the many confusing and conflicting claims about the returns available from building societies, life assurance companies and banks.
Written Answers. - Consumer Credit.
91.
I assume that the Deputy is referring to the provisions of the Consumer Information (Consumer Credit) Order 1987 which requires, inter alia, that advertisements for credit which make reference to the cost of credit must show the cost by way of annual percentage rate of charge. This order applies to all financial institutions which extend credit including all those mentioned by the Deputy.
I will consider applying similar provisions to advertisements relating to return on deposits etc. by these institutions as some of their recent advertising has been misleading and in my view is unacceptable.