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The OECD Recommendation on Consumer Protection in the field of Consumer Credit was updated in July 2019 following a consultative and iterative process of review. Access to affordable consumer credit is a vital part of a modern and inclusive financial system, and enables consumers to achieve many of their goals and objectives. At the same time, it is important that consumer credit is provided fairly and responsibly as far as possible to help avoid over-indebtedness, financial exclusion and related problems, which are detrimental for both consumers and businesses.

The Recommendation sets out a comprehensive set of measures for the effective regulation and supervision of consumer credit transactions in order to promote fair outcomes for consumers and businesses alike. Following the High-Level Principles on Financial Consumer Protection it sets out measures relating to the role of oversight bodies and recommended disclosure requirements relating to the sale of consumer credit products. In addition, it includes recommended measures relating to fair treatment of consumers to help avoid over-indebtedness and responsible business conduct including responsible lending requirements, provisions relating to credit scoring, product features, debt collection and treatment of vulnerable consumers. It also sets out recommended measures relating to protection of consumer data and access to complaints handling mechanisms.

The Recommendation is open to adherence by OECD Members and non-Members. While not legally binding, practice accords it great moral force as representing the political will of OECD Members and non-Members having adhered to it (Adherents), on whom there is an expectation to do their utmost to fully implement it.