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...

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