[INSIGHTS]: Reforming the Consumer Credit Act Consultation

Summary of the new consultation regrading reform of the Consumer Credit Act: link

Summary

The UK government is planning to reform the Consumer Credit Act (CCA) to ensure that it remains fit for purpose and effective in protecting consumers. The government has received feedback from stakeholders on how the CCA should be reformed and has published a report summarising the key themes emerging from the responses. The report outlines the government’s next steps and how it will engage with stakeholders to develop detailed reform proposals.

Key Points

  • The UK government intends to proceed with an ambitious approach to CCA reform .
  • Stakeholders differ as to how reform should be achieved .
  • Chapter 2 of the report focuses on stakeholder views to the overall objectives and principles of CCA reform .
  • Chapter 3 explores feedback on the approach to reform of categories of CCA provisions .
  • Chapter 4 explores responses relating to financial inclusion and equality impacts .
  • Chapter 5 sets out the government’s next steps and how it will seek to engage with stakeholders to develop detailed reform proposals .
  • Some industry and consumer representative consultees argued that a reformed regime could take advantage of the capacity of modern communication channels to engage people .

Key Statistics

  • None mentioned.

Key Take Aways

  • The UK government is planning to reform the Consumer Credit Act to ensure that it remains fit for purpose and effective in protecting consumers.
  • The government has received feedback from stakeholders on how the CCA should be reformed and has published a report summarising the key themes emerging from the responses.
  • Stakeholders differ as to how reform should be achieved, and the views supplied in response to this consultation are explored further in the report.
  • The report outlines the government’s next steps and how it will seek to engage with stakeholders to develop detailed reform proposals.
  • A reformed regime could take advantage of the capacity of modern communication channels to engage people.
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