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17/07/2012
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EC Consumer Credit Directive

The Consumer Credit Directive (CCD) was adopted by the European Council in May 2008, and legislation implementing its provisions came fully into force on 1 February 2011

European Commission Directive 2011/90/EU was adopted by the EC on 14 November 2011. The Directive amends Part II of Annex 1 of the Consumer Credit Directive (Directive 2008/48/EC) and provides additional assumptions for the calculation of the annual percentage rate of charge (APR) in credit agreements.

On 6 July 2012 the Government laid The Consumer Credit (Total Charge for Credit) (Amendment) Regulations (SI 2012 No 1745) before Parliament to implement the Directive into UK law, allowing sufficient preparation time for businesses and others before the Regulations come into force on 1 January 2013. The Regulations are accompanied by an Explanatory Memorandum, which includes a Transposition Table. In addition, we have published an Impact Assessment of the amended regulations.

BIS Notes for stakeholders (PDF, 91 Kb) 

Commission Staff Working Document (Revised) Guidelines on the application of Directive 2008/48/EC (Consumer Credit Directive) in relation to costs and the Annual Percentage Rate of Charge.

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The Consumer Credit Directive (CCD) was adopted by the European Council in May 2008, and legislation implementing its provisions came fully into force on 1 February 2011.

The following regulations implement the CCD in the UK:

  • The Consumer Credit (EU Directive) Regulations 2010 (Statutory Instrument 2010 No. 1010)
  • The Consumer Credit (Total Charge for Credit) Regulations 2010 (Statutory Instrument 2010 No. 1011)
  • The Consumer Credit (Disclosure of Information) Regulations 2010 (Statutory Instrument 2010 No. 1013)
  • The Consumer Credit (Agreements) Regulations 2010 (Statutory Instrument 2010 No. 1014)
  • The Consumer Credit (Advertisements) Regulations 2010 (Statutory Instrument 2010 No. 1970)

In addition, The Consumer Credit (Amendment) Regulations 2010 (Statutory Instrument 2010 No. 1969) were made to correct errors in SI 2010/1010, 2010/1013 and 2010/1014.  These regulations should be read together with SI 2010/1969.

Furthermore, The Consumer Credit (Amendment) Regulations 2011 (Statutory Instrument 2011 No. 11) were made to correct errors in SI 2010/1010, 2010/1011 and 2010/1013.  These regulations should be read together with SI 2011/11.

You can access the statutory instruments, as well as the accompanying Explanatory Memoranda and impact assessment, from the Office of Public Services Information (OPSI) website (www.opsi.gov.uk/si/si-2010-index).

Guidance on the regulations implementing the Consumer Credit Directive (PDF, 562 Kb)  as well as a Quick start guide (PDF, 66 Kb)  in plain English summarise the principal changes that have been made to the Consumer Credit Act and other legislation and are intended to help businesses identify and understand changes that affect them.  It may also be helpful to consumers, advisors, enforcement authorities and other organisations.  The key elements of the new regulations are set out on our Consumer Credit Regulations page.

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