Gov't Commits To Reform 'Inflexible' Consumer Credit Laws

By Joel Poultney (June 16, 2022, 3:27 PM BST) -- The government said Thursday that it wants to modernize consumer credit laws and hand oversight to the financial regulator in a bid to streamline rules and cut business costs.

HM Treasury said reforms to the Consumer Credit Act, which regulates all credit card purchases and personal loans in the U.K., were necessary. The ministry called the 1974 legislation "highly prescriptive and increasingly inflexible."

The government added that its plans to hand oversight of consumer credit to the Financial Conduct Authority would also produce more nimble responses to the changing credit market.

John Glen, economic secretary to the Treasury, said reforms to...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!