Fees and Charges: Disclosure of Information
Question
Rebecca Long Bailey
To ask the Secretary of State for Business and Trade, whether she has made an assessment of the potential impact of hidden fees and charges on financial and digital transactions on (a) local economic activity, (b) national economic activity, (c) consumers and (d) household debt.
Answer
Kevin HollinrakeConsumer law requires that all charges and fees are clear up front (including those related to consumer credit) and not hidden. Consumers then know what they will be paying and can make choices based between competitive suppliers on that basis. These rules are not driven by an assessment of economic activity nationally or locally but enable consumers to compare prices as they shop. Separately the Office for National Statistics and the Office for Budget Responsibility provide data on economic activity and household indebtedness.