LONDON – United Kingdom lawmakers are considering giving a regulator the power to cap interest rates on credit cards, an effort to produce "fairer" consumer practices, Bloomberg reports.

At a public consultation last week, Consumer Minister Ed Davey said the British government intends to address "unfair bank charges" and introduce what Bloomberg called "a seven-day cooling off period" for store cards.

Another option they're considering is requiring card providers to release e-statements available so consumers can compare rates to other cards.

“Well-informed, empowered consumers are central to our vision for how a credit market between customers and lenders should work,” Davey said. “I want to encourage both to take responsible decisions and to strengthen protection where necessary, particularly for the most vulnerable.”