The Department of Trade and Industry has published draft regulations on, “Affordability Assessment for the Amendment of
Regulations for matters relating to the functions of the National Consumer Tribunal and Rules for the Conduct of
matters before the National Consumer Tribunal”.
This is a crucial piece of legislation for credit providers as it can turn their business model on its head (currently credit providers conduct their own affordability assessments based on in-house business decisions. The regulations will standardise this approach which may amount to a reduction in competition between credit providers as they are forced to follow an identical process).
People wishing to comment have until the end of August 2014 to submit their comments. Please contact us at firstname.lastname@example.org if you would like a copy of the draft Regulations.