Nudge-friendly provisions under review in the U.K.

The details have not been worked out yet, but among the provisions being considered in new consumer protection legislation are the following:

Ban excessive interest rates on credit and store cards. Introduce seven-day “cooling-off period” for store cards. Make credit card companies provide better information to customers in “uniform electronic format that will allow consumers to find out whether they are receiving the best deal”. Measures to end “unfair” bank charges. Enhance customer service in private and public sectors. Introduce honesty in food labelling. Household energy bills to provide information on how to move to cheapest tariff offered by supplier, and show energy usage compared to similar households. Give Post Office Card account holders chance to benefit from direct debit discounts.

Hat tip: Adrian Toll

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