Dáil Éireann Debate, Tuesday - 20 June 2017
276. Deputy Pearse Doherty asked the Minister for Finance his plans to regulate the companies that provided hire purchase products including personal contract plans; and if he will make a statement on the matter. [27676/17]
Amharc ar fhreagraAs I stated previously in a reply to a question regarding this issue on 1st June, Personal Contract Plans (PCP) are a form of Hire Purchase and both the Central Bank and the Competition and Consumer Protection Commission (CCPC) have certain functions and legal powers in relation to the provision of hire-purchase agreements.
The CCPC is responsible under the Consumer Credit Act 1995, for the authorisation of credit intermediaries, some of whom may sell PCPs to consumers on behalf of a finance company. A "credit intermediary" is defined as "a person...who in the course of his business arranges or offers to arrange for a consumer the provision of credit or the letting of goods in return for a commission, payment or consideration of any kind from the provider of the credit or the owner, as the case may be".
The CCPC provides licenses to credit intermediaries and keeps an online list of credit intermediaries holding a valid authorisation which is available on the CCPC website www.ccpc.ie. The CCPC deals with complaints about the advertising of Credit Agreements and the advertising of car finance on credit intermediary websites and in the media. It also has a specific statutory remit to provide personal finance information and education to assist consumers.
If a consumer has concerns regarding the activities of credit intermediaries, they may wish to contact the CCPC. The Financial Services Ombudsman can also investigate complaints from individual consumers about credit intermediaries.
