Róisín Shortall (Dublin North West, Social Democrats)
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120. To ask the Minister for Finance the actions he has taken on foot of the five recommendations of the Competition and Consumer Protection Commission in its report Personal Contract Plans: the Irish Market of 6 March 2018 as they relate to his Department. [49675/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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Following the publication of the Competition and Consumer Protection Commission (CCPC) report on Personal Contract Plans (PCPs) and the Central Bank of Ireland "Economic Letter" overview of the Irish PCP market last March, I commissioned Mr. Michael Tutty , a former Second Secretary General in the Department of Finance and Chairman of the Commission for Energy Regulation to conduct a review of the current PCP market and, in particular, to consider the adequacy of the existing consumer protection regulations framework in respect of such financial agreements. As part of his work process, Mr. Tutty considered both the CCPC and the Central Bank documents (including the recommendations contained in the CCPC report), as well as directly consulting both public bodies and some other relevant bodies.

Mr. Tutty subsequently completed his review and submitted his report which contained his conclusions and recommendations - this report has now been published on the Department of Finance website .

In overall terms, the Tutty report found that there is currently no evidence of consumer detriment arising from PCPs; nevertheless, it also found that there is a risk, that certain potential problems could arise at a future point and that it would be prudent to address such matters at this point before possible problems materialize. Among the key conclusions contained in the Tutty report is that clarification should be obtained on the precise legal status of PCPs and that relevant provisions of the Central Bank Consumer Protection Code, in particular the requirement to check the financial capacity of consumers, should apply to such financial agreements. I consider that the report's recommendations are worthy of adoption and that they will improve the level of consumer protection in relation to PCPs. Accordingly, I have asked my Department to liaise closely with the Central Bank, the Attorney General's Office and the CCPC with a view to implementing the report's conclusions, and this process has now commenced.