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HM Treasury’s Consumer Credit Act 1974 Consultation
On 9 December 2022 HM Treasury (HMT) published its consultation: Reforming the Consumer Credit Act 1974.1 The consultation was announced as part of the government’s broader Edinburgh reforms package for financial services.2 Unlike some of the other proposals the consultation was not unexpected as the government had committed in June 2022 to reforming the Consumer Credit Act 1974 (CCA 1974).3 Nevertheless it is an important moment for the £200bn non-mortgage consumer lending market as the government sets out its approach to completing the process started back in 2014 of moving the majority of the CCA 1974 from statute to Financial Conduct Authority (FCA) rules.
Background
The regulation of “consumer credit agreements” is the primary focus of the CCA 1974. It applies to a wide range of credit-related products or activities including:
- credit agreements and consumer hire agreements;
- ancillary...
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