The Dutch Authority for the Financial Markets concludes that the information provision by providers of consumer credit and intermediaries should be improved.
An EU-wide investigation of websites offering consumer credit has taken place to assess whether consumers receive the information to which they are entitled before signing a consumer credit contract. The investigation has been initiated in order to assess how the market is applying the Consumer Credit Directive (as implemented in the national legislation), which aims to make it easier for consumers to understand and compare credit offers. Subsequently, the Dutch Authority for the Financial Markets (“AFM”) has conducted research with regard to the information provided on the websites offering consumer credit. One of the goals was to check if the websites did not contain misleading advertisement for consumer credit. Furthermore, the AFM has assessed whether the credit table (which provides information regarding debit interest rate or other information regarding credit costs) included in the advertisement regarding consumer credit was complete and correct.
According to apress release of the AFM of 10 January 2012, , the information provided by a number of providers of consumer credit and intermediaries is currently insufficient. The most prominent insufficiencies were the credit tables that were incorrect or even had no reference to the availability of standard information. This conclusion was based on a research conducted by the AFM amongst forty-five websites related to consumer credit regarding the information provided on the relevant websites. The AFM has been requested to report back regarding its findings to the European Commission by autumn 2012.