Michael McGrath (Cork South Central, Fianna Fail)
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336. To ask the Minister for Finance the regulatory status of personal contract plans and the regulatory status of the car finance companies offering these products; and if he will make a statement on the matter. [1943/17]

Michael Noonan (Limerick City, Fine Gael)
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A Personal Contract Plan (PCP) is a type of hire purchase agreement.

The Consumer Credit Act 1995 applies to the provision of hire-purchase agreements. Both the Central Bank and the Competition and Consumer Protection Commission (CCPC) have certain functions and legal powers in relation to the regulation of hire-purchase agreements.

Any intermediary who is arranging the credit for the consumer is acting as a credit intermediary, and an intermediary arranging such credit must seek authorisation from the CCPC to act as a credit intermediary. A list of authorised credit intermediaries is available on the CCPC website .