Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Earlier this week the Competition and Consumer Protection Commission, CCPC, published a report on personal contract plans, PCPs, which are now a very important part of financing transactions in the motor industry. One of the commission's recommendations is that PCPs would come under the Central Bank's consumer protection code. This would require the intermediary or the car finance company to assess the affordability of the product for the consumer. Currently, they are not required to do any check or assessment of affordability. This is one of the key recommendations. Some 30% of all transactions for new cars in the motor industry are with PCPs, with nearly €800 million worth of PCPs issued in 2016. Will the Government move to legislate as necessary to give effect to the recommendations made by the CCPC around these PCPs?

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