The UK Government has announced it will reform the Consumer Credit Act.
In Brief:
The Act regulates credit card purchases and personal loans.
The Government has branded the current Act “cumbersome and inflexible”.
It will be brought under the FCA to be reformed in line with market developments.
What does this mean?
The Government says the act can be confusing to customers and costly to businesses – moving it under the FCA will enable it to be more flexible and remove the need to amend legislation.
