Consumer credit regulation

We are proactive in monitoring policy, regulatory and legislative developments that relate to the way we operate and how we deliver our products and services to our customers.

Home Credit – UK

In the UK, the provision of credit is governed by the terms of the Consumer Credit Act 1974 (as amended) and associated regulations, the rules of the Financial Conduct Authority (FCA) and guidance made under them. The Act and the FCA rules lay out detailed requirements and compliance is monitored by the FCA. Complaints can be taken to the Financial Ombudsman Service.

From 01 April 2014 our home credit businesses are regulated by, and must be authorised by, the FCA.

Provident Personal Credit (PPC) is also a member of the home credit industry’s trade association, the Consumer Credit Association (CCA), and is subject to the CCA’s Code of Practice and Business Conduct Pledge. These are voluntary codes which reinforce the statutory and regulatory requirements.

Vanquis Bank

Like the home credit businesses, Vanquis Bank is authorised and regulated by the FCA to operate its credit card business and must also comply with the Consumer Credit Act 1974 (as amended) and the rules of the FCA. As with PPC, compliance is monitored by the FCA and complaints can be dealt with by the Financial Ombudsman Service.

For further information on regulations and legislation concerning UK home credit visit our Government policy and regulation section.

Home Credit – Ireland

In Ireland, (where home credit lenders are known as ‘moneylenders’), the regulatory framework consists of the statutory obligations set out in the Consumer Credit Act 1995, together with the requirements of the Central Bank of Ireland’s Fitness and Probity regime, the Consumer Protection Code for Licensed Moneylenders 2009 and the European Communities (Consumer Credit Agreement) Regulations 2010.

PPC is licensed to carry on business as a moneylender by the Central Bank of Ireland. It is also a member of the Consumer Credit Association (Republic of Ireland).

Research and debate

A factual introduction to home credit and some of its associated issues.