Progress to bolster PCP car finance protections under law             

car loans

Controls designed to better protect car buyers taking out so-called Personal Contract Plans (PCPs), Finance Minister Minister Paschal Donohoe has told the Seanad, with the Central Bank due to extend its remit over all companies providing PCP finance.       

The legislation is likely to come into law in the coming months. It follows a 2018 report the Government commissioned from Michael Tutty - a former senior official at the Department of Finance and a ex-vice president at the European Investment Bank - into the rapidly growing market of PCP car finance.