EU investigates consumer credit websites : extracts from the joint press conference by John DALLI and Teresa MOREIRA, Director General at the Consumer Directorate-General, Ministry of Economy, Innovation & Development in Portugal.

Type: NEWS   Référence: 82355   Durée: 00:03:16   Première transmission: 10/01/2012  Lieu: Brussels, Belgium - EC/Berlaymont
Fin de production: 10/01/2012
Commissioner John Dalli presents the initial findings of the 2011 Sweep, an EU-wide investigation of websites offering consumer credit. Enforcers checked whether consumers are receiving the information to which they are entitled under EU consumer law before signing a consumer credit contract. National enforcement authorities checked more than 500 websites offering consumer credit across the 27 Member States plus Norway and Iceland. The sweep operation checked in particular how business is applying the Consumer Credit Directive (recently transposed in Member States), which aims to make it easier for consumers to understand and compare credit offers.

Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
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00:00:00 Title 00:00:05
00:00:05 Arrival of the speakers 00:00:06
00:00:11 Soundbite by John Dalli, Member of the EC in charge of Health and Consumer Policy (In ENGLISH) saying that: All 27 EU member states, as well as Norway and Iceland participated again in the sweep in 2011. This time, we chose to target websites offering consumer credit because the consumer market scoreboard shown that this sector is underperforming for consumers. Many complain were brought to the attention of both the National Enforcement Authorities and the European Consumers Centre. 00:00:31
00:00:42 Cutaway 00:00:05
00:00:47 Soundbite by John Dalli (In ENGLISH) saying that: The aim is to bring unfair practises in line with the EU law. So now the enforcement phase begins. National Enforcement Authorities will contact business operators asking them to clarify or to correct the website. The NEA will report back to the Commission in autumn of 2012. 00:00:24
00:01:11 Cutaway 00:00:05
00:01:16 Soundbite by John Dalli (In ENGLISH) saying that: I would like to urge financial institutions and credit intermediaries to ensure that they provide the right information to consumers. It is of capital importance that both consumers and businesses can have confidence in operating online. This confidence will contribute to boost the digital economy which still has a huge unexploited potential. 00:00:23
00:01:39 Cutaway 00:00:06
00:01:45 Soundbite by John Dalli (In ENGLISH) saying that: The whole exercise of this sweep is to ensure that whatever the capabilities of the bank itself, the website offering services to consumers is giving the correct information covering all the legal requirements that have already been set out. 00:00:23
00:02:08 Cutaway 00:00:05
00:02:13 Soundbite by Teresa Moreira, Director General for International Economic Relations at the Portuguese Ministry for Economy and Innovation (In ENGLISH) saying that: So far, the first findings show us that the cases that we detected in Portugal lacked information about total costs for consumer credit and often even the geographical address of the trader. The majority of cases related to the missing of standard information in the advertising are amongst the major important requirement brought by the consumer credit direct directive. 00:00:29
00:02:42 Cutaway 00:00:06
00:02:48 Soundbite by Teresa Moreira (In ENGLISH) saying that: This is obviously very important for consumers to have the have the notion of the overall cost of consumer credit. We will now contact the economical operators and ask them to clarify the issues that were flagged and if needed to correct their websites. In case this doesn't happen, legal actions may be taken against these companies. 00:00:22
00:03:10 Speakers leaving the press room 00:00:06
00:03:16 End 00:00:00
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