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The Consumer Credit Bill was introduced into the House of Commons in May 2005 and began its passage through the House of Lords
in July 2005. It received Royal Assent in March 2006.
The Department is now working with interested parties on implementation of the Act.
The new Act is the culmination of a three-year review of consumer credit law and will reform the Consumer Credit Act 1974
to protect consumers and create a fairer, more competitive credit market by:
• enhancing consumer rights and redress by empowering consumers to challenge unfair lending, and through more effective options
for resolving disputes;
• improving the regulation of consumer credit businesses by ensuring fair practices and through targeted action to drive out
rogues; and
• making regulation more appropriate for different types of consumer credit transaction by extending protection to all consumer
credit and by creating a fairer regime for business.
For more information, please follow the links in the menu on the left.
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Confident Consumers - A Fair Deal creating Prosperity & Success for All
