FIG Top 5 At 5 - 12/10/2023

1. Council of Europe adopts Directive on consumer credits

On 9 October 2023, the Council of Europe published a press release announcing that it had adopted the proposed Directive on consumer credits ("CCD II").

CCD II will protect consumers from irresponsible lending practices and ensure that clear information is provided for credit on all scales. It will:

• ensure that credit information is given in a clear and understandable manner, and is adapted to digital services;
• introduce stricter advertising rules to reduce abusive credit to over indebted consumers and establish effective measures against overcharge;
• require lenders to protect consumers from over-indebtedness by ensuring that they can repay their credit;