Dáil Éireann Debate, Tuesday - 17 April 2018
616. Deputy Thomas P. Broughan asked the Minister for Business, Enterprise and Innovation her views on the regulation of personal contract plans for car purchase finance; the role of the Competition and Consumer Protection Commission in this regard; and if she will make a statement on the matter. [15947/18]
View answerI welcome the publication by the Competition and Consumer Protection Commission (CCPC) of its report into the personal contract plan car finance market (PCPs). The report was the first comprehensive study of the PCP market in the State. I am also aware that the Central Bank published “An overview of the Irish PCP Market” in recent weeks.
The CCPC’s report made a number of recommendations including to the Department of Finance and the Central Bank. These include a call for PCP agreements to be brought within the scope of the Central Bank’s Consumer Protection Code, thus mirroring the protections afforded to consumers when they take out other forms of credit. I understand that the recommendations are currently under consideration by the Department of Finance and the Central Bank.
