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Evaluation of Consumer Credit Directive: Achieving Objectives and Added Value

This evaluation assesses the effectiveness, efficiency, and relevance of the Consumer Credit Directive in the context of consumer finance. It examines if the set objectives align with current needs and the impact on the market. The evaluation process involves various stages from planning to dissemination and follow-up. The study includes legal analysis, stakeholder interviews, consumer and creditor surveys, and mystery shopping exercises. Stakeholder consultations are integral to gather feedback for the final report, which aims to inform future actions.

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Evaluation of Consumer Credit Directive: Achieving Objectives and Added Value

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  1. Evaluation of the Consumer Credit Directive (2008/48/EC) ECCG meeting 23 October 2018 Francesco Pontiroli Gobbi Unit JUST.E1 - Consumer Policy

  2. General Context • - 2014 Evaluation • - Legal Obligation • - Evolution of the market / digitalisation • - Full-fledged Evaluation (broad scope) • - Consumer Finance Action Plan (Action 7 and Action 9)

  3. to what extent were the set objectives attained? were the effects (benefits)achieved at a reasonable cost? do the objectives correspond to the current needs? interventions donot contradict others with similar objectives additional valueresulting from EU activities, compared to what could be achieved by MS at national and/or regional levels Five Criteria Effectiveness: Efficiency: Relevance: Coherence: EU added value:

  4. Evaluation Process Screening/ planning Stakeholder Consultation Draft roadmap Steering Group Final roadmap (public) Evaluationwork Other sources of information ToR for external work Internal work ISC on SWD/EC report Draft SWD (before & after RSB) External deliverables incl. contractors final report Opinion Final SWD/EC Report QA on (draft) final evaluation report RSB Dissemination & Follow-up 4

  5. Scope of the Evaluation • Full-fledged • Some areas mentioned in the Roadmap (design and distribution phases, cross-selling, creditworthiness assessment, credit registers, rights granted by the Directive) • Other important issues (cross-border selling, scope, explanations, APR, most important features of a credit, most recurrent complaints, where consumers look for a credit, coherence, policy objectives)

  6. Study informing the Evaluation • Duration: 10 months - To be outsourced very soon • Tasks: • legal analysis (EU28 on transposition, regulatory choices and other relevant legislation) • literature review • stakeholder interviews (165, EU and national level) • consumer survey (min. 30 per MS, aim at 3300 in total) • online survey of creditors (twofold scope, min. 350) • definition of baseline scenario • quantification analysis • Mystery shopping (3 x 7 MS) on provision of pre-contractual information and creditworthiness assessment • Reports: • Inception (November), Interim (April) and Final (July/August)

  7. Stakeholder consultation and Timing Stakeholder Consultation: • Roadmap Feedback - 4 weeks (now closed) • Public Consultation - min. 12 weeks (December TBC) • Targeted Consultation (twofold scope) – (December-March TBC) • TBC Stakeholder Event on CCD in Spring 2019 • Staff Working Document (summary of all consultation activities annexed to the Report) Finalisation date: • End 2019 (then possible follow-up actions)

  8. Your comments and questions?

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