Overview

This bill aims to restrict advertising of high-cost credit agreements, particularly to protect vulnerable groups like children. It mandates the restriction of such advertisements to specific times of day and empowers the government to further regulate their content, form, timing and location.

Description

The bill defines "advertising" broadly to encompass any activity encouraging high-cost credit agreements. It tasks Ofcom (Office of Communications) with creating and enforcing broadcasting standards for these advertisements, specifically limiting broadcasts to between 9 pm and 5:30 am. The Secretary of State will also introduce regulations to further control the form, content, timing, and location of these advertisements, considering the need to safeguard children and vulnerable individuals. These regulations must be in place within six months of the bill's passage. The bill defines "high-cost credit agreement" using the definition within the Financial Services and Markets Act 2000.

Government Spending

The bill doesn't directly specify government spending figures. However, implementing and enforcing the new regulations will likely incur costs associated with Ofcom's rule-making and the Secretary of State's regulatory work, and associated enforcement activities. The exact financial impact is not detailed in the provided bill text.

Groups Affected

• Lenders offering high-cost credit agreements: Will face significant restrictions on advertising their products.
• Advertising agencies: Will need to adapt their practices to comply with the new regulations.
• Broadcasters: Must adhere to Ofcom's new broadcasting standards.
• Children and vulnerable individuals: Will be better protected from predatory lending practices due to reduced exposure to high-cost credit advertisements.
• Consumers generally: May experience some change in their exposure to credit advertising.

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