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Consumer credit websites fail under spotlight
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Published on 10-01-12

An EU-wide investigation of websites offering consumer credit has found only 30 per cent fully comply with EU consumer rules.  Of the 562 websites checked, 393 sites have been flagged for further investigation by national enforcement authorities of EU member states, plus Norway and Iceland. 

The main problems detected were: advertising did not include the required standard information; the offers omitted key information that is essential for making a decision; the costs were presented in a misleading way. Of the 47 websites checked by the UK's Office of Fair Trading, 38 were found to have some irregularities.

    Consumer credit websites fail under spotlight

    National enforcement authorities, including the Office of Fair Trading in the UK, will now contact financial institutions and credit intermediaries about suspected irregularities and ask them to clarify or take corrective action.

    EU Consumer Commissioner John Dalli said: "When people look for credit they sometimes discover that this credit turns out to be more expensive than it had originally appeared, because important information was sometimes unclear or missing. Consumer credit is not always easy to understand, which is why there is European legislation in place to help consumers make informed decisions." 

    He added: "It is very important that businesses provide consumers with the correct and necessary information and it is the role of the Commission to work together with national enforcers to make this happen."

    The Consumer Credit sweep took place in September 2011.

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    Last update: 06/11/2012  |Top