Review of high-cost consumer credit

In December 2009, the OFT published its emerging evidence and interim report on its review of high-cost credit in the UK. The review was launched on 2 July 2009 and followed a short informal consultation from 7 April 2009 on its scope.

The documents published include the following:

• summary of High-cost consumer credit - emerging evidence from the review (pdf 396kb)
  
  
• an interim research report (pdf 820kb)
  
  
• four annexes of additional research material:
  
  Annexe A: A survey of consumers of unsecured and high-cost credit - A factual report prepared for the OFT by Ipsos MORI (pdf 937kb)
  
  Annexe B: International research case studies on Germany, Ireland and the United States of America - A report for the OFT by Europe Economics (pdf 797kb)
  
  Annexe C: OFT International case studies - Australia and Canada (pdf 728kb)
  
  Annexe D: The UK legal framework and significant stakeholders for consumer credit (pdf 516kb)

This emerging evidence and interim research report sets out the emerging evidence in the following areas:

• an overview of consumer credit products, including those that have been the focus of our research
• preliminary results from our survey of consumers
• the effects of the recession on consumers and suppliers, and
• evidence from our international research on credit markets in Australia, Canada, Ireland, Germany and the USA (specifically Pennsylvania, Michigan and Wisconsin).

In publishing this report we are keen to test the completeness and robustness of our emerging evidence and research. Consequently, we welcome submissions from interested parties concerning these published documents, including providing evidence relevant to the review. This will ensure that the findings and any recommendations that the OFT may make are based on evidence that is as robust as possible.

The deadline for receiving submissions is Friday, 8 January 2010. If any stakeholders envisage significant problems with this deadline, please contact the review team at the earliest opportunity.

The final report is to be published in spring 2010 and it will contain further research undertaken, the results of our analysis and our recommendations.

Submissions in relation to the interim research report should be sent to:

Credit Review Team (c/o Peter Hill)
Office of Fair Trading
Fleetbank House
2-6 Salisbury Square
London EC4Y 8JX

Alternatively, they can be emailed to: creditreview@oft.gsi.gov.uk.

The team leader for the review is Peter Hill (peter.hill@oft.gsi.gov.uk) 0207 211 8806.

The project director is Bob Chauhan (bob.chauhan@oft.gsi.gov.uk) 0207 211 8579.

The senior responsible officers are Ray Watson (ray.watson@oft.gsi.gov.uk) 0207 211 8908, and Clive Maxwell (clive.maxwell@oft.gsi.gov.uk) 0207 211 8950.

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