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>
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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>
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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"} ], "itemsPerPage" : 10, "page" : 0, "startIndex" : 1, "totalResults" : 1, "type" : ["http://purl.org/linked-data/api/vocab#ListEndpoint", "http://purl.org/linked-data/api/vocab#Page"]} }