Published by: HM Treasury
Search for original: Link
Key Take Aways
The UK government is embarking on a comprehensive reform of the Consumer Credit Act (CCA), aiming to modernise and simplify the consumer credit regime for the next 50 years.
The reform seeks to replace outdated prescriptive rules with a principles-based, outcome-focused approach, aligning with FCA regulation and covering digital and technological advancements.
A phased approach is proposed, with Phase 1 focusing on the overall vision, information requirements, sanctions, and criminal offences, and Phase 2 addressing scope, rights, and protections.
Significant provisions linked to information disclosure, such as default notices, agreements, and notices to minors, are proposed for repeal and recasting into FCA rules, providing more flexibility.
The government intends to remove automatic sanctions for breaches, citing proportionate consumer protection through FCA enforcement powers and the courts, arguing sanctions are...
Access this content for FREE by signing up for ROAR Membership.
Join with a Basic (free) or Plus membership (for extra features).