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1679225
registered interest false more like this
date less than 2023-12-19more like thismore than 2023-12-19
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury remove filter
answering dept sort name Treasury more like this
hansard heading Loans: Interest Rates more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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. more like this
tabling member printed
Earl Attlee remove filter
uin HL1318 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-12-21more like thismore than 2023-12-21
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 more like this
grouped question UIN HL1319 more like this
question first answered
less than 2023-12-21T14:30:59.057Zmore like thismore than 2023-12-21T14:30:59.057Z
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
3425
label Biography information for Earl Attlee more like this
1679226
registered interest false more like this
date less than 2023-12-19more like thismore than 2023-12-19
answering body
Treasury more like this
answering dept id 14 more like this
answering dept short name Treasury remove filter
answering dept sort name Treasury more like this
hansard heading Loans: Interest Rates more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
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. more like this
tabling member printed
Earl Attlee remove filter
uin HL1319 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2023-12-21more like thismore than 2023-12-21
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 more like this
grouped question UIN HL1318 more like this
question first answered
less than 2023-12-21T14:30:59.003Zmore like thismore than 2023-12-21T14:30:59.003Z
answering member
4580
label Biography information for Baroness Vere of Norbiton more like this
tabling member
3425
label Biography information for Earl Attlee more like this