Update on Consumer Credit Directive
Presentation for
12 March 2014
Maria Lissowska
Health and
Report on the implementation of
Consumer Credit Directive (CCD)
As ECCG was informed at the last meeting on 28 October
2013, the Commission had a legal obligation to prepare a
report on implementation of CCD.
This report was prepared on the basis of two sources:
• MS transposition check done by the Commission; and
• two studies undertaken for the Commission (on the
consumer credit market and on regulatory choices made
by the Member States).
The report will most probably be adopted in April, after being
translated into the EU languages (first DE and FR).
Health and
Conclusions of the report - 1
In principle, no major problems were found with
Member States' transposition of CCD into national
With regard to MS' regulatory choices, the impact
was more difficult to assess, due to:
• The recent implementation of the CCD;
• The differing pre-CCD situation in MS;
• The different interests of stakeholders interviewed
(business vs. consumers)
Health and
Conclusions of the report - 2
Lack of compliance with provisions of the CCD by
creditors in different Member States:
• Non-compliance with information disclosure
obligations in a large proportion of advertisements.
• Creditors appear reticent or unwilling to inform
consumers about their rights and to provide SECCI at
the pre-contractual stage.
Unsatisfactory enforcement of CCD obligations by
• A part of regulators did not check whether lenders
actually fulfill their obligtions.
• Only a minority of regulators have taken enforcement
Health and
Conclusions of the report - 3
Consumers lack financial awareness, and in
particular suffer from:
• Low financial literacy;
• Insufficient knowlege of the details of their own
credit contract;
• Low propensity to complain when facing problems
with their creditor.
Health and
Enforcement follow-up by the
The Commission will continue monitoring the
enforcement of the CCD by MS.
Three meetings with MS representatives have
already taken place, to enable taking stock of
practices and sharing supervisory experience.
Another meeting is foreseen for Autumn 2014.
Health and
Consumer credit information campaign
Carried out since May 2013, till February 2014
Purpose: to raise consumers' awareness of their rights when they
take out credit
5 key rights
Message: "Need credit. Don't just sign. You have rights."
4 Member States: Cyprus, Ireland, Malta and Spain
Target group: 18 to 35
Evaluation of impact ongoing (results in June 2014)
Health and
Consumer credit information campaign
Visual material
Print and online advertising
Promotional material
Stakeholder engagement
Launch events
Social media
(Facebook and Twitter: @EU_ consumers)
Health and
Health and

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