The Competition and Consumer Protection Commission and the Central Bank both produced papers on the PCP market in Ireland in March of this year. These reports demonstrated that PCP finance has grown considerably in recent years and is becoming an increasingly important source of finance for the purchase of new cars. While the availability of such credit is important for the finance and motor industries, it is also important that the level of information and protections available to consumers in relation to such products continues to be robust.
Following on from these publications, I commissioned Mr. Michael Tutty, a former Regulator and Second Secretary in the Department of Finance, to carry out an independent review of the current PCP market and regulatory structure to see if there are any particular consumer protection gaps which may need to be addressed. As part of his work Mr. Tutty has consulted both the Central Bank and the Competition and Consumer Protection Commission along with a number of other key stakeholders. I expect to receive Mr. Tutty's report very shortly and I will then consider the report and any recommendations it may contain.
