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1679225

registered interest
date	19/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Loans: Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 30 November 2023 (HL457), what assessment they have made of whether the Financial conduct Authority can have confidence that lenders are correctly charging the advertised Annual Percentage Rates (APR) if they do not undertake spot checks.
tabling member printed	Earl Attlee
uin	HL1318
answer	answer is ministerial correction date of answer 21/12/2023 answer text <p>The Consumer Credit Act 1974 (CCA) forms a key part of the regulation of the consumer credit market. Under the CCA’s pre-contractual requirements, firms are required to state clearly the actual (rather than representative) APR in credit agreements.</p><p> </p><p>The Financial Conduct Authority (FCA) has a range of supervisory tools to identify non-compliance with relevant rules, including proactive assessments, responding to reports and complaints, and conducting thematic reviews of particular sectors. As an independent regulator, it is for the FCA to make decisions on how it supervises firms and enforces its rules.</p><p> </p><p>More broadly, the government is committed to working with the FCA to deliver a well-functioning and sustainable consumer credit market which meets consumers’ needs. As part of this, the government is reforming the CCA. Working closely with the FCA, it will be considering how reform can enhance consumer understanding of credit products and credit agreements, leading to improved customer outcomes.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL1319 question first answered 21/12/2023 14:30:59 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3425 label Biography information for Earl Attlee

1679226

registered interest
date	19/12/2023
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Loans: Interest Rates
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government, further to the Written Answer by Baroness Vere of Norbiton on 30 November 2023 (HL457), what assessment they have made of the ability of the average borrower to compare the representative Annual Percentage Rates (APR) with the actual APR offered in the pre-contract information required to be given under the Consumer Credit Act 1974.
tabling member printed	Earl Attlee
uin	HL1319
answer	answer is ministerial correction date of answer 21/12/2023 answer text <p>The Consumer Credit Act 1974 (CCA) forms a key part of the regulation of the consumer credit market. Under the CCA’s pre-contractual requirements, firms are required to state clearly the actual (rather than representative) APR in credit agreements.</p><p> </p><p>The Financial Conduct Authority (FCA) has a range of supervisory tools to identify non-compliance with relevant rules, including proactive assessments, responding to reports and complaints, and conducting thematic reviews of particular sectors. As an independent regulator, it is for the FCA to make decisions on how it supervises firms and enforces its rules.</p><p> </p><p>More broadly, the government is committed to working with the FCA to deliver a well-functioning and sustainable consumer credit market which meets consumers’ needs. As part of this, the government is reforming the CCA. Working closely with the FCA, it will be considering how reform can enhance consumer understanding of credit products and credit agreements, leading to improved customer outcomes.</p> answering member printed Baroness Vere of Norbiton grouped question UIN HL1318 question first answered 21/12/2023 14:30:59 answering member 4580 label Biography information for Baroness Vere of Norbiton
tabling member	3425 label Biography information for Earl Attlee