The Consumer Credit Act 1974 (CCA) forms a key part of the regulation of the consumer credit market. Under the CCA\u2019s pre-contractual requirements, firms are required to state clearly the actual (rather than representative) APR in credit agreements.<\/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>
More broadly, the government is committed to working with the FCA to deliver a well-functioning and sustainable consumer credit market which meets consumers\u2019 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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2023-12-21", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL1319"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-21T14:30:59.057Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-12-19", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Loans: Interest Rates"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3425", "label" : {"_value" : "Biography information for Earl Attlee"} } , "tablingMemberPrinted" : [{"_value" : "Earl Attlee"} ], "uin" : "HL1318"} , {"_about" : "http://data.parliament.uk/resources/1679226", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1679226/answer", "answerText" : {"_value" : "
The Consumer Credit Act 1974 (CCA) forms a key part of the regulation of the consumer credit market. Under the CCA\u2019s pre-contractual requirements, firms are required to state clearly the actual (rather than representative) APR in credit agreements.<\/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>
More broadly, the government is committed to working with the FCA to deliver a well-functioning and sustainable consumer credit market which meets consumers\u2019 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>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"} } , "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"} , "dateOfAnswer" : {"_value" : "2023-12-21", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL1318"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-12-21T14:30:59.003Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-12-19", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Loans: Interest Rates"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/3425", "label" : {"_value" : "Biography information for Earl Attlee"} } , "tablingMemberPrinted" : [{"_value" : "Earl Attlee"} ], "uin" : "HL1319"} , {"_about" : "http://data.parliament.uk/resources/1672030", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1672030/answer", "answerText" : {"_value" : "
The Financial Conduct Authority (FCA) is responsible for regulating the consumer credit market. It is part of a robust regulatory system which is helping to deliver the government\u2019s vision for a well-functioning and sustainable consumer credit market which meets consumers\u2019 needs.<\/p>
<\/p>
The FCA oversees firms through its supervision strategy. In the FCA Mission \u2013 Approach to Supervision April 2019<\/em>, the FCA set out that to make the best use of its resources and deliver the greatest public value, it takes a proportionate approach to supervising firms. It supervises most firms as members of a portfolio of firms that share a common business model. It analyses each portfolio and agrees a strategy to take action on firms posing the greatest harm.<\/p> <\/p> Firms are required by FCA rules to include a representative APR in certain circumstances. The FCA\u2019s handbook (CONC 3.5) provides further rules and guidance on when a representative APR must be shown, how it should be denoted and the level of prominence it must be given.<\/p> <\/p> While not all consumers will get the advertised APR, they should be told in advance of entering into the agreement what APR they have been offered and this will be shown in the pre-contract information required to be given under the Consumer Credit Act 1974.<\/p> <\/p> If a customer is concerned that they may have been mis-sold a credit agreement, they may wish to consider making a formal complaint to the firm in question in the first instance. If they then feel that their complaint has not been dealt with satisfactorily, they are able to refer the matter to the Financial Ombudsman Service (FOS) \u2013 an independent body set up to provide arbitration in such cases.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4580", "label" : {"_value" : "Biography information for Baroness Vere of Norbiton"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Vere of Norbiton"}
, "dateOfAnswer" : {"_value" : "2023-11-30", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-11-30T15:31:36.733Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-11-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Loans: Interest Rates"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask His Majesty's Government whether the Financial Conduct Authority regularly undertakes spot checks of firms offering loans to ensure that the contract details accurately reflect the advertised annual percentage rate of the financial product.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3425", "label" : {"_value" : "Biography information for Earl Attlee"}
}
, "tablingMemberPrinted" : [{"_value" : "Earl Attlee"}
], "uin" : "HL457"}
, {"_about" : "http://data.parliament.uk/resources/1248029", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1248029/answer", "answerText" : {"_value" : " Responsibility for customs detection activity at the border was transferred from HMRC to UK Border Agency (UKBA), now Border Force in 2009. From that time Border Force has been responsible for frontline operations at the border, including enforcing customs regulations and conducting anti-smuggling activity. This includes anti-smuggling activity directed against illicit exports.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2020-11-16", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "HL9814"}
, {"_value" : "HL9815"}
, {"_value" : "HL9816"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-11-16T16:34:56.947Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2020-11-02", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Quad Bikes: Exports"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government what assessment they have made of the feasibility of HMRC investigating all quad bikes exported from the UK in ISO shipping containers using search technology like backscatter X-ray scanners.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3425", "label" : {"_value" : "Biography information for Earl Attlee"}
}
, "tablingMemberPrinted" : [{"_value" : "Earl Attlee"}
], "uin" : "HL9813"}
, {"_about" : "http://data.parliament.uk/resources/1248030", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1248030/answer", "answerText" : {"_value" : " Responsibility for customs detection activity at the border was transferred from HMRC to UK Border Agency (UKBA), now Border Force in 2009. From that time Border Force has been responsible for frontline operations at the border, including enforcing customs regulations and conducting anti-smuggling activity. This includes anti-smuggling activity directed against illicit exports.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2020-11-16", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "HL9813"}
, {"_value" : "HL9815"}
, {"_value" : "HL9816"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-11-16T16:34:57.033Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2020-11-02", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Equipment: Smuggling"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government how many shipping containers have been found by HMRC to contain stolen construction equipment for export in the last 12 months for which figures are available.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3425", "label" : {"_value" : "Biography information for Earl Attlee"}
}
, "tablingMemberPrinted" : [{"_value" : "Earl Attlee"}
], "uin" : "HL9814"}
, {"_about" : "http://data.parliament.uk/resources/1248031", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1248031/answer", "answerText" : {"_value" : " Responsibility for customs detection activity at the border was transferred from HMRC to UK Border Agency (UKBA), now Border Force in 2009. From that time Border Force has been responsible for frontline operations at the border, including enforcing customs regulations and conducting anti-smuggling activity. This includes anti-smuggling activity directed against illicit exports.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2020-11-16", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "HL9813"}
, {"_value" : "HL9814"}
, {"_value" : "HL9816"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-11-16T16:34:57.093Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2020-11-02", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Quad Bikes: Smuggling"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government how many shipping containers have been found by HMRC to contain stolen quad bikes for export in the last 12 months for which figures are available.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3425", "label" : {"_value" : "Biography information for Earl Attlee"}
}
, "tablingMemberPrinted" : [{"_value" : "Earl Attlee"}
], "uin" : "HL9815"}
, {"_about" : "http://data.parliament.uk/resources/1248032", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1248032/answer", "answerText" : {"_value" : " Responsibility for customs detection activity at the border was transferred from HMRC to UK Border Agency (UKBA), now Border Force in 2009. From that time Border Force has been responsible for frontline operations at the border, including enforcing customs regulations and conducting anti-smuggling activity. This includes anti-smuggling activity directed against illicit exports.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2020-11-16", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "HL9813"}
, {"_value" : "HL9814"}
, {"_value" : "HL9815"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2020-11-16T16:34:57.143Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2020-11-02", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Cars: Smuggling"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government how many shipping containers have been found by HMRC to contain stolen cars for export in the last 12 months for which figures are available.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3425", "label" : {"_value" : "Biography information for Earl Attlee"}
}
, "tablingMemberPrinted" : [{"_value" : "Earl Attlee"}
], "uin" : "HL9816"}
, {"_about" : "http://data.parliament.uk/resources/717906", "AnsweringBody" : [{"_value" : "HM Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/717906/answer", "answerText" : {"_value" : " The total expenditure on social security in the UK in 2016\u201317 was forecast to be £217.9bn by the Office for Budget Responsibility (OBR), in their Spring Budget 2017 forecast. Table 4.24 of the OBR\u2019s March 2017 Economic and Fiscal Outlook[1]<\/sup><\/sup> provides more detail, including a breakdown by benefit area.<\/p> <\/p> [1] Office for Budget Responsibility, Economic and Fiscal Outlook<\/em>, March 2017, Table 4.24 (http://cdn.budgetresponsibility.org.uk/March2017EFO-231.pdf).<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4284", "label" : {"_value" : "Biography information for Baroness Neville-Rolfe"}
}
, "answeringMemberPrinted" : {"_value" : "Baroness Neville-Rolfe"}
, "dateOfAnswer" : {"_value" : "2017-04-19", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2017-04-19T14:50:35.493Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "CaTreasury"}
, "date" : {"_value" : "2017-04-05", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Social Security: Expenditure"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty\u2019s Government what was the total expenditure on social security in 2016\u201317; and what were the ten largest heads of expenditure.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/3425", "label" : {"_value" : "Biography information for Earl Attlee"}
}
, "tablingMemberPrinted" : [{"_value" : "Earl Attlee"}
], "uin" : "HL6653"}
], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 8, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]}
}