UK Finance responds to the government’s announcement on reforming the Consumer Credit Act

Responding to the government’s announcement that it commits to reform of the Consumer Credit Act, David Postings, Chief Executive of UK Finance, said:

We applaud the government’s announcement that it will reform the Consumer Credit Act. Replacing this outdated legislation with regulatory rules that are suited to the modern world is the best way to protect consumers while allowing lenders to innovate and compete. The government says it expects to consult on reforms by the end of this year which is a really positive step. We hope that the forthcoming Financial Services and Markets Bill will enable changes to be implemented as swiftly as possible.

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