Consultation launched on consumer credit rules

A consultation has been launched on consumer credit rules in Jersey.

It focuses on affordability, transparency, contract clarity and debt collection practices in the island.

The Department for Economy has called for the views from both consumers and industry on a package of secondary legislation, aimed at creating a fair, transparent and proportionate consumer credit framework, it said.

Responses to the consultation can be submitted online, via email or by post by 29 May.

The Department for the Economy said the reforms introduced a two-tier structure for regulating consumer credit activity.

It said the two-tier approach woud make a distinction between authorised firms, supervised by the Jersey Financial Services Commission and those that were exempt from authorisation but were subject to the Wider Consumer Credit Regulations overseen by Trading Standards.

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