People Using Credit Cards and Overdrafts to ‘Benefit’ From Reform
The reforms move detailed requirements into the Financial Conduct Authority rulebook and aim to make costs and key terms clearer for consumers.
- The Government announced the first significant overhaul of the Consumer Credit Act in over 50 years, modernizing borrowing rules for the digital age.
- Many core rules of the Consumer Credit Act have not kept pace with digital financial products that millions use daily, the Government said.
- Moving communication requirements into the Financial Conduct Authority rulebook allows flexibility and a "test and learn" approach, Peter Tutton of StepChange Debt Charity said.
- The reforms grant firms the "freedom" to develop new products, while information on credit cards and overdrafts must "genuinely help" consumers decide.
- Part of the Financial Services Bill, the changes reflect Woolard Review recommendations to support better outcomes for consumers and firms, Chris Woolard said.
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essexlive.newsPeople using credit cards and overdrafts to ‘benefit’ from reform
Customers are meant to ‘benefit’ from the changes
HMT publishes policy statement on reform of the Consumer Credit Act 1974
On 18 May 2026, HM Treasury (HMT) published a policy statement on reform of the Consumer Credit Act 1974 (CCA).BackgroundIn May 2025, HMT published its Phase 1 consultation on CCA reform which set out its approach to the overall reform of the CCA and detailed proposals in relation to information requirements, sanctions and criminal offences. This Policy Statement sets out HMT’s response to the Phase 1 consultation, its approach for the remaining…
Government announces Consumer Credit Act modernisation plan - Credit Connect
The Government has announced that it will modernise the Consumer Credit Act (CCA) for the first time in over 50 years, giving consumers clearer information and firms the flexibility to innovate. The Government says that consumers who take out loans, credit cards or overdrafts are expected to benefit from clearer information about costs and key terms, helping them understand their options and make informed financial decisions as a result of the n…
FCA Moves to Overhaul Consumer Credit Act Rules Affecting Lenders and Borrowers
The UK’s Financial Conduct Authority is getting ready to consult on reforms to the Consumer Credit Act 1974. It’s a… Read the original on FCA Moves to Overhaul Consumer Credit Act Rules Affecting Lenders and Borrowers. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
caithness-business.co.uk
Consumer Credit Act reformed to protect consumers and support modern finance
The government will modernise the Consumer Credit Act for the first time in over 50 years, giving consumers clearer information and firms the flexibility to innovate. Landmark legislation, first passed over 50 years ago, modernised to reflect how people use credit today.
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