Tuesday, 14 April 2009

Consultation on the implementation of the Consumer Credit Directive (2008/48/EC)

The consultation period (14.04.09 until the 10.06.09) for the Consumer Credit Directive (CCD) has been announced by the Department for Business, Enterprise and Regulatory Reform (BERR). The announcement notes:

"The Consumer Credit Directive was adopted by the European Commission in May 2008, with an ensuing date for completing the transposition set for June 2010 for all member states. This Directive replaces the 1986 Consumer Credit Directive and amendments made to this Directive.

The new CCD takes a maximum harmonisation approach and is intended to harmonise key aspects of consumer credit legislation in Member States as part of the objective of creating a common credit market across the European Union. At the same time, the Directive is also intended to maintain high levels of consumer protection

We are currently in the process of completing this implementation, and transposing the new requirements into UK credit legislation. The implementation process will culminate in laying the new regulations in Parliament. Depending on progress, this should take place before the end of the year."

The pertinent documents can be viewed here. Against the backdrop of Professor Jacob Ziegel's recent comments on the Canadian experience of consumer protection, this is set to be an interesting area to monitor. Where the Canadians have allegedly failed, will we prosper? 

Picture Credit:http://api.ning.com/files/DvIs4qIBKJ7hQuuvaFax8KjNLBeTeSLdWJyNLL0zi4tmuOdmzdL5kX9pHd0GnD8IIXnq9UFN-HdY2rbp5Kc-fdhM688fcP4v/800pxEuropean_Commission_outside.jpg

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