OFT has published a summary of responses to its consultation on guidance for creditors on irresponsible lending. The response looks at the comments on OFT questions about:

  • status, form and content of the guidance;
  • scope and impact of the guidance;
  • explanation of credit products;
  • assessment of affordability;
  • pre-contractual issues;
  • contractual and post-contractual issues;
  • handling of default and arrears; and
  • regulatory compliance.

In each section, OFT explains its views. It says it considered all comments when it produced the official guidance in March. (Source: Summary of responses to the consultation on "Irresponsible Lending – OFT guidance for creditors")