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National Audit Office report: Confirmed impacts: NAO report influences better regulation of consumer credit

Confirmed impacts: NAO report influences better regulation of consumer credit

In March 2013, the Minister for Consumer Affairs, along with the Economic Secretary to the Treasury, confirmed in a statement in the House of Commons that the government has drawn on our analysis as it develops a new regulatory regime for consumer credit markets. This NAO impacts case study represents one example where there has been some beneficial change, whether financial or non-financial, resulting from our involvement.

Impacts case study

Our December 2012 report on regulating consumer credit found that around £450 million of financial harm to consumers is currently unaddressed and that the current regulatory regime under the Office of Fair Trading lacks the capacity and powers to tackle consumer harm effectively.

In March 2013, the Minister for Consumer Affairs, along with the Economic Secretary to the Treasury, confirmed in a statement in the House of Commons that the government has drawn on our analysis as it develops a new regulatory regime for consumer credit markets.

What are impacts?

The NAO collects examples of where there has been some beneficial change, whether financial or non-financial, resulting from our involvement. All of these examples are subject to internal quality assurance review, and agreed with senior management of the audited bodies.

Financial impacts represent our estimate of the financial benefits achieved following implementation of the NAO’s recommendations to government, and are independently validated by our external auditors.

 

Publication details:

Published date: October 3, 2013