Joan Burton (Dublin West, Labour)
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171. To ask the Minister for Finance the number of personal contract plans financed in each of the years 2014 to 2016 and to date in 2017; the amount of the loans; the number of vehicles involved and the way in which such loans are regulated; and if he will make a statement on the matter. [30117/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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As I stated previously in replies to questions regarding this issue, Personal Contract Plans (PCPs) 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 statistics requested by the Deputy are not available.  

However, on the issue more generally, 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.

The CCPC has, on a number of occasions, conducted research into the car market and car finance sectors, and has conducted numerous public awareness campaigns on the issue of car finance in recent years. Its current campaign, which commenced on 5 June, focuses on car finance and specifically aims to provide information to consumers on issues in relation to PCPs, such as the fact that the consumer does not become the legal owner of the car until they make the final payment. The CCPC plans to conduct further research into PCPs in the second half of this year.

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.