The Consumer Credit Directive (2010) which was made law early last year becomes compulsory from 1 February. The directive introduces changes to the way many credit products are sold and managed with consumers, in particular changes to the disclosures required in Advertising materials and the creation of a new “Credit Intermediary” role that will affect some publishers.
The changes are a modification of the existing Consumer Credit Act (1974) and applies to most products covered by the Act, although there are some differences, with the largest volumes of activity affected being Credit Cards and Unsecured Loans. The Directive introduces additional disclosure requirements which could have potentially significant effects on any advertising where limited space will make compliance more challenging, in particular PPC adverts where copy space is extremely restricted.
As ever with substantial changes to legislation the precise impact of the changes will take a few months to be understood and different advertisers will have approaches or interpretations of the rules.
The deadline creates one of the largest wholesale creative changes seen for a few years with most advertisers changing all creative in time for the deadline and most publishers therefore having to change creative for all their advertisers simultaneously.
Nic Redfern, CFO at OMG
“It is a massive process. Not only are there significant changes to creative but the actual guidance available on the implications of the legislation on online advertising channels is pretty unspecific. We have been working with Advertisers and Publishers since the legislation was finalised in 2010 to agree what steps needed to be taken and agree an efficient process which culminated in the CCD Conference in October. It was great to see such joined up industry support from Publishers, Advertisers and Agencies and it is a real testament to how much the Performance Marketing Industry in finance has matured over the last few years. Generally this industry is ready for the changes, everyone is geared up for the creative changes and all the compliance checks that need to be completed.”
Dealing with Consumer Credit Legislation Changes
In the light of the new legislation, OMG Network has launched a suite of credit card comparison tools. Currently the only network to offer a credit card comparison tool, the data is powered by Moneyfacts and meets the new Consumer Credit Directive (CCD) regulations coming into force on Feruary 1st.
Affiliates & Publishers can benefit from the fully CCD compliant comparison tool:
Key features of the three options, which not only include the Credit Card Comparison Tool but also information on Datafeeds and Whitelabel solutions can be found here.