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08/07/15 Recent research for Asian Development Bank shows gaps in financial inclusion, regulation, and education in Germany

iff Director of economics, Prof Doris Neuberger, has published a paper on financial inclusion in Germany. It should serve to give other countries examples of better practice, alternative policies and lessons for regulation of financial services. Below are the findings and reccomendations from the paper: Germany’s bank-based financial system provides a high level of... [more...]

13/10/14 Bank supervisors get interested in responsible credit – FinCoNet publishes its report on responsible lending

A worldwide association of bank supervisors have published a report on responsible lending. The report covers European countries like Germany and France but not the UK and most of the other EU states. But it also covers also China, Japan, Singapore, South Africa, Australia and Uganda. The USA and South America do not show up. Although this is a quite arbitrary selection... [more...]

16/07/14 1,270% APRC - the new UK usury rate ceiling?

In the UK consumers can still pay extortionate rates of interestwithout being able to blame the banks. So-called ‘payday loans’ in the UK are marketed as an alternative to more affordable overdraft credit.  They are extended to people who struggle  to make it to the end of the month and their next wages.  This liquidity problem is exploited by the banks. But the banks at... [more...]

20/05/14 EU Consumer Credit law - Published assessments of two studies: One on legal choices of the CCD and another on the effect on the functioning of the European credit market. ECRC comment...

14.5.2014: EC publishes report on consumer credit agreements The document evaluates the transposition of the Consumer Credit directive (CCD) and its regulatory impact. The aim is to increase consumer protection. ECRC comment will be forthcoming. Here are the underlying studies that are the basis... [more...]

07/03/14 IRELAND and ECRC: A major report from ECRC partner FLAC stresses the need for responsible credit. It says consumers need proper legal protections as the report on Consumers of financial...

IRELAND and ECRC: A major report from ECRC partner FLAC says consumers need proper legal protections as a Report on Consumers of financial services shows they are being badly let down by the system. ECRC partner from Ireland, Free Legal Advice Centres (FLAC) has produced a comprehensive report outlining how consumers are entitled to a high level of legal protection as a... [more...]

17/10/13 UK: Charter against irresponsible payday lenders

Church Action on Poverty have launched a charter with a call for tougher regulation and enforcement in relation to payday lenders. The charter is a reaction to the financial conduct authority's (FCA) proposals for regulation, that are not considered as reaching far enough by several cross-party MPs and “some of Britain’s biggest debt, consumer and anti-poverty... [more...]

29/04/13 Portugal – Changes to consumer credit law.

Changes of consumer credit law and transposition of the directive nr 2011/90/UE, of November the 14th On 1st of July 2013 it will come into force the latest amendments to the consumer credit regime approved by decree-law nr. 42-A/2013 of 28.3, which transposes the EU Directive establishing additional assumptions for calculating the APR . The law now approved clarifies... [more...]

25/03/13 UK payday lending: Regulation or simply self-regulation?

The UK payday lending industry has had enough time to demonstrate that it can provide responsible credit that is productive for both sides, it is now too late for the industry to say that it will regulate itself, UK ECRC partner CfRC calls for the government action all have been expecting. The UK industry code of conduct are available below (see... [more...]

22/03/13 Financial Supervision: EBA and consumer protection through monitoring consumer trends - Responsible Credit has been officially identified as a consumer protection issue, however we...

The report will hopefully get national supervisors to closely monitor these identified consumer protection issues   2013 EBA Report on Consumer Trends- Supervisory Concerns Regarding Consumer Protection Issues in 2012/13   Table of contents Executive summary 4 1. Supervisory concerns identified in 2011 and actions taken in 2012 5 1.1 Indebtedness and responsible... [more...]

15/05/12 European Commission publishes guidelines for CCD in relation to costs and the APR

To help Member States to correctly apply the Consumer Credit Directive, the Commission published on 8 May 2012 Guidelines on the application of the Directive 2008/48/EC in relation to costs and the Annual Percentage Rate of charge. The Guidelines provide comprehensive explanations how to delineate the total cost of credit, in particular to be included in the calculation of... [more...]

26/03/12 Fresh Start in Consumer Protection: G20 publishes new Principles

OECD and G20 have published the G20 HIGH-LEVEL PRINCIPLES ON FINANCIAL CONSUMER PROTECTION. While during the neo-liberal period before the crash consumer protection in financial services "consumers" had been reduced to "users and clients", "protection of their wellbeing" to the guarantee of (financial) "advantages" and justice to the guarantee of "markets and choices",... [more...]

01/11/11 The Financial Stability Board have published a report on Consumer Finance Protection

Ahead of the G20 Meetings this week, the Financial Stability Board outline their findings and recommendations for regulators and supervisors in charge of consumer protection in consumer finance world-wide. The report can be accessed at the following link and is available below. [more...]

13/04/11 EU Mortgage credit regulation – A Report assessing the costs and benefits of various policy options for EU mortgages and containing consumer research has finally been published.

Consumer research that featured in the Commission’s report that helped inform its own impact assessment of mortgage credit markets and its proposal for a Mortgage credit Directive, is available on DG Internal Market’s website: The Study on the costs and benefits of the different policy options... [more...]

03/03/11 UK Regulatory reform - Government gives details on its proposal.

Treasury sets out further details of proposed new regulatory framework HM Treasury has set out further details of its proposed new regulatory framework for financial services in a consultation document – ‘A new approach to financial regulation: building a stronger system’. The consultation period runs to 14th April, following which Government will issue a White Paper ... [more...]

01/03/11 Financial Supervision - A key element of oversight. Rules need to be enforced and structures and details matter.

Links to a selection of research and publications relevant to financial supervision and consumer protection   General: Group of Thirty/Deloitte, The structure of Financial Supervision - Approaches and Challenges in a Global Marketplace, 2008. World Bank CGAP, Consumer Protection Regulation in Low-Access Environments- Promote Responsible Finance, 2010. Wymeersch, The... [more...]

09/11/10 Usury legislation and empirical research - The Crown Witness for the worldwide Campaign of the former UK Labour Government, Policis, releases an open lobbying report for the UK mortgage...

Through their mortgage report, the consultants at Policis have once again shown that the research they produce is aimed at assisting the finance industry in defending its own interests. It brings us back to the beginning of this decade when a similar industry-friendly study they did was presented as solid empirical research. In its campaign against usury ceilings in the UK... [more...]

21/09/10 EU Mortgage credit regulation and responsible lending - ECRC comment

The ECRC has today sent the Commission its views on its preliminary proposals to regulate mortgage markets in the EU. On September 13th, the ECRC was invited by the European Commission to attend a meeting with DG Markt on 13.9. to discuss and collect feedback on their responsible lending proposals. Attended by a number of ECRC partners and consumer representatives, the... [more...]

01/09/10 Study on interest rate restrictions in the EU Final Report Project No. ETD/2009/IM/H3/87

Executive summary This study provides the European Commission with a comprehensive inventory of the types of interest rate restrictions that exist in the EU Member States (Part 1) and gives an assessment of the impact of these on both credit markets and people (Part 2). • Part l offers an inventory of interest rate restrictions in the EU Member States and details the... [more...]

09/04/10 Banks favour new EU-Regulation in Consumer Credit - to stop Natinoal consumer protection efforts? ECRI Initiatives in Brussels.

Have Banks gone too far with their 2008 Directive? ECRC has accompanied the battle around the new Consumer Credit Directive 2008/48/EC. There is no question that consumer protection in general lost this battle when the 2002 draft was totally withdrawn and replaced by the neo-liberal information Directive which instead of bread and butter for debtors in consumer credit... [more...]

19/01/10 Information Disclosure in the EU Consumer Credit Directive: Opportunities and Limitations

Partners from Erasmus University School of Law have published the following document in the SSRN's eLibrary. The abstract and full-text document, of: Information Disclosure in the EU Consumer Credit Directive: Opportunities and Limitations can be found here: Dear colleagues, Please find enclosed an article written jointly by Prof.... [more...]

19/11/09 EU Report on APRC for consumer credit - The report along with a calculation simulator in Excel and links to past and some upcoming work from the DG SANCO website.

From DG SANCO as of 19.11.09 Consumer Credit Twenty years after the adoption of the first Directive on consumer credit in 1987, a new EU initiative in the area is necessary due to the constant and fast evolution of financial products and to the continued fragmentation of the EU market. There is also evidence that more... [more...]

09/11/09 Australia is moving in Consumer Credit

From the latest newsletter of the International Association of Consumer Law  November 2009, Vol. 2, issue 2 ( edited by Christine Riefa, Brunel Law School, UK we learn about the efforts made in Australia to harmonise consumer credit law and introduce more effective elements, amove which follows the centralisation of consumer credit law in the US through the... [more...]

08/10/09 Obama fights for an independent Consumer Protection Agency on Financial Services. In Europe instead the Slogan Safety first puts Soundness and Consumer Protection on second rank. We... For a comment in German see German page on or click from sister websites The Consumer Financial Protection Agency – a key to safe and sound access to credit by Gregory D. Squires Of the many factors that have made the United States the world’s premier capital marketplace for 80... [more...]

30/09/09 Anglo-Saxon countries rediscover consumer credit regulation through interest rate restrictions - Payday lending is being targeted in South Australia in an amendment bill 2009.

Below is the text from the South Australian Payday Lending Bill which was raised a few months ago. There is a similar Bill in the pipeline in Western Australia. Three Australian States and ACT have already imposed payday lender interest rate restrictions, with the above two States having Bills in the pipeline. This reassessment of existing non-regulation has also been... [more...]

20/08/09 Responsible Lending and Responsible Borrowing - EU launches a Public Consultation for September 3, 2009 - ECRC discusses reaction, first responses of ECRC partners available here

1. EU-Commission on Responsible Lending and Responsible Borrowing EUROPEAN COMMISSION Internal Market and Services DG FINANCIAL INSTITUTIONS Retail issues, consumer policy and payment systems Brussels, 15 June 2009 PUBLIC CONSULTATION ON RESPONSIBLE LENDING AND BORROWING IN THE EU (see link at the bottom) "Responsible lending" means that credit products are appropriate... [more...]

04/08/09 CCD TRANSPOSITION IN PORTUGAL - Only in Portuguese for now (a translated version is forthcoming)

Below is the Portuguese law transposing the CCD. It was published on 2 June 2009 and will be in force 30 days later. [more...]

04/08/09 CCD TRANSPOSITION IN THE UK - Draft regulations for the implementation of the CCD have now been put forward in the UK

We would like to inform you that the BIS (Department for Business, Innovation and Skills – part of the former DTI) has published the provisions for draft regulations implementing the Consumer Credit Directive on its websites. Please follow the below link for more information. For those of you that are able to comment on these draft regulations, you can do so until the... [more...]

31/07/09 UK LENDING RULES – The OFT has published its Report on “Irresponsible Lending” to serve as a guidance for all creditors. Many aspects of the ECRC Responsible Credit principles feature...

The European Coalition for Responsible Credit has been promoting events and sharing research and suggestions for more sustainable financial services and fair finance for a number of years. Conversations at seminars and exchange of views at our national and international stakeholder conferences help those interested in developing forms of best practice. Our 7 Principles of... [more...]

09/07/09 RESPONSIBLE LENDING – ECRC partner Altroconsumo has already responded to the European Commission consultation on Responsible lending

(open til end August) See Altroconsumo's comments. Please send us yours so that we can include them in our ECRC repsonse over the coming weeks. See links below. [more...]

06/07/09 CONSULTATION - The Office of Fair Trading needs ECRC opinions for its review of the high cost consumer credit sector in the UK

The OFT has shown leadership by realising the serious problem of extortionate credit provision in the UK. Following its informal consultation, it has now decided that to avoid duplication with other initiatives in the UK, it is best to narrow the scope of the review to high cost credit. This will refine their focus to an area where they consider consumers are most... [more...]

16/06/09 RESPONSIBLE LENDING – Consultation time: The European Commission has published 2 Reports and the ECRC has been asked to submit its opinion on these documents before end of August...

This summer, ECRC partners will need to get together and formulate their response to the work the Commission has done in the area of responsible lending and borrowing. We hope for a strong participation in the drafting of our response from our partners. Please contact the ECRC secretariat at if you already want to show that you desire to give input to... [more...]

10/06/09 CONSUMER CREDIT DIRECTIVE TRANSPOSITION - The European Coalition for Responsible Credit and Debt on our Doorstep have responded to the UK Government’s consultation on the implementation...

Below are extracts of, and links to the documents which ECRC have submitted to the UK Government for their transposition efforts. Other stakeholders may be interested in using these documents for their national discussions. IMPLEMENTING THE CONSUMER CREDIT DIRECTIVE - RESPONSE TO CONSULTATION INTRODUCTION This response is submitted on behalf of the European Coalition... [more...]

29/10/08 "Guidelines on financial services for consumers’ organizations (October 2008)" - Who did this to us?

There is a general financial crisis based on usurious credit practices that shakes the world. The exploitation of weak consumers in America and Europe has undermined the financial markets in general. It is now threatening small savings and private pensions. Tax payers money has to bail out banks that distributed irresponsibly and irresponsible credit and guarantee profits... [more...]

21/07/08 The EU Single Market in Financial Services: Regulating EU Financial Markets in times of turmoil Luxembourg, 6 & 7 October 2008 Seminar Venue: European Commission, Jean Monnet Building...

The EU-sponsored Institute for Public Administration invites senior public advisors, judges, officials and private bankers to a two day seminar in October 2008 in Luxembourg. According to its organisers, "the seminar is aimed at EU officials, national civil servants, lawyers and other professionals, in particular from private banking and financial institutions or public... [more...]

20/06/08 Distance Marketing and EU-Law - National Regulations concerning Directive 2002/65/EC - Text of Regulations and Answers to a Questionnaire from national Experts in all 27 Member States.

In a research project on the impact on the conclusion of cross-border financial service contracts between professionals and consumers of directive 2002/65 concerning the distance marketing of consumer financial services iff asked experts from the 27 member states of the EU to fill out a questionnaire and provide the material and links to the corresponding legislation. ... [more...]

04/06/08 CREDIT REGULATION – The Australian Government is consulting stakeholders with its suggested credit reform programme. This Green Paper tries to adapt certain laws which since 1993, date...

Treasury website: GREEN PAPER ON FINANCIAL SERVICES AND CREDIT REFORM Date: Tuesday, 3 June 2008 ABSTRACT: Green Paper on Financial Services and Credit Reform – Improving, Simplifying and Standardising Financial Services and Credit Regulation The purpose of this Green Paper is to consult stakeholders about the following range of financial services and credit reform... [more...]

18/04/08 Consumer Credit Directive 2008 - Final Text and Wordfile

[ECRC has taken the following text from the Websites of the European Parliament January 16. The Council adopted this Directive without further changes on April 9, 2008. It is therefore the final text. We still wait for the Commission to publish the official version and give it a number.] Consumer Credit Directive 2008 (Adopted by the Council on April 7, 2008) Position of... [more...]

09/04/08 CONSUMER CREDIT DIRECTIVE FINALLY PASSED - The European Council adopted the Consumer Credit Directive 2008 on April 7. The big three pitfalls of the credit system causing the present...

Usurious fees can still be hidden in insurance products without disclosure in the Interest Rate of the Credit. As the request for such usurious insurance contracts has to be made before the acceptance of the credit by the bank it is rather ridiculous that the Directive call such contracts an expression of the free will of the consumer. Variable rate credit which helped... [more...]

25/02/08 Italian Consumers Gain Class Action

With the Annual Budget Law the Italian Consumer Organisations could win a new tool which could be a mighty instrument to control banks and financial suppliers. For the following translation we have tried out google translate (see link below) and would welcome if a native speaker could bring it into an improved form. The Italian text is availabe at the link below. While... [more...]

19/02/08 EU CONSUMER CREDIT DIRECTIVE 2008: Final Wording

European Parliament legislative resolution of 16 January 2008 on the common position adopted by the Council with a view to the adoption of a directive of the European Parliament and of the Council on credit agreements for consumers and repealing Council Directive 87/102/EEC (9948/2/2007 – C6-0315/2007 – 2002/0222(COD)) (Codecision procedure: second reading) ... [more...]


European Parliament has passed the New Consumer Credit Directive. It will now only formally go back to the Council to be agreed. EARLY REPAYMENT FEES The Socialist Deputies of the Parliament as well as consumer organisations managed half victory in early repayment fees. Yes, we will have such fees in future. Getting rid of one's debt will be a costly business and... [more...]

14/01/08 EU MORTGAGE CREDIT - BEUC reports and gives its initial comments on the EU’s white paper on mortgage credit. We call on ECRC members to share their views on this White Paper and on any...

BEUC summary: On the 18th December, the European Commission published the White paper on mortgage credit. In our view, the result is disappointing. As far as a Mortgage directive is concerned, the white paper concludes that yet another impact assessment is needed because implementation cost might be significant. At the same time, the executive summary confirms that APRC... [more...]

13/01/08 CONSUMER CREDIT DIRECTIVE - The European Parliament and selected Media sources have reported on the imminent vote by Europe's elected deputies on new legislation for consumer credit...

EUROPEAN PARLIAMENT PRESS RELEASE: CONSUMER CREDIT LEGISLATION HEADS FOR PARLIAMENTARY VOTE (14-01-2008 - 11:53) Two-thirds of Europeans use credit to buy things like TVs and washing machines. Most credit loans are easy to get and come from national companies. On Tuesday MEPs will discuss proposals to facilitate credit across EU borders, making it easier for companies... [more...]

18/12/07 EU HOUSING LOANS – The European Commission announced today its long-awaited proposals on mortgage credit. Is it the final warning for EU mortgages to integrate their markets on a...

EU Internal market may threaten member states with legislation, if no non-regulatory solutions are put forward. We welcome ECRC members and partners to post their views and suggestions on this White paper, so that solutions can be discussed before more formal measures are imposed on the Member States. The Commission’s white paper highlights specific areas for attention... [more...]

12/12/07 CCD - No Early Repayment Fees! European Parliament should definitely rule out the introduction of fees that would only favour costly chains of Refinancing. The latest Amendments already...

The group on the Internal Market and Consumer Protection of the European Parliament has now proposed some further changes to the present draft of a Consumer Credit Directive as it has been passed by the Council. Although in most they did not follow the Proposal of their rapporteur Lechner they left the misleading APRC, the maximum harmonisation as well as the many... [more...]

26/11/07 RETAIL FINANCIAL SERVICES – Commission announces its Initiatives in the area of financial services for a modern Single Market for the 21st century.

Last week, ECRC partner Bob Schmitz attended a hearing on retail financial services organised by ECON (Committee on Economic and Monetary Affairs) where both the GREEN PAPER ON RETAIL FINANCIAL SERVICES IN THE SINGLE MARKET and the SECTOR INQUIRY ON RETAIL BANKING was discussed. In advance of the discussions, the Commission published its working document on retail... [more...]

22/11/07 CONSUMER CREDIT DIRECTIVE – New Amendments by IMCO to the Draft recommendation for second reading ahead of next meeting on Tuesday 27th November.

IMCO (Committee on the Internal Market and Consumer Protection) has been busy of late, meeting today and meeting again next week on Tuesday 27th to discuss the amendments tabled by MEPs at the IMCO meeting on the 14th of November. These amendments are available in the attached pdf: IMCO Amendments on the Common position adopted by the Council on 20 September 2007 with a... [more...]


Comments from ECRC partner, kuluttajavirasto, from the Finnish Consumer Agency's Newsletter no.6/2007 (Nov 2007) The European Commission is worried about the slow pace of the integration process. It may be, however, that the problem is bigger on the level of the single market than from the viewpoint of consumers' own experience. Retail financial services are services... [more...]


Consumer's confidence in the market can be increased by filling gaps in legislation, ensuring the activities of free dispute resolution bodies and providing proper conditions for effective and credible consumer protection. Existing directives in the area of consumer protection (the "consumer acquis") were prepared at different times and are not always consistent. Rules... [more...]

13/11/07 EU PAYMENT SERVICES DIRECTIVE 2007: Final Wording

"IP/07/1914 Brussels, 12 December 2007 Payment Services Directive: Commission encourages swift and coherent implementation at national level The European Commission is to assist Member States in their implementation of the Payment Services Directive (PSD), which following its recent publication in the EU Official Journal has now to be written into national law as soon... [more...]


Created: 07/12/05. Last changed: 05/05/08.
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