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The main piece of legislation for consumer credit is the Consumer Credit Act (CCA), which we have long argued is in need of reform to support innovation and help firms better support customers. The Financial Conduct Authority’s recommendation, set out post the Woolard Review supported reform of the CCA and we are encouraged by what we understand to be HMT’s current appetite to progress this broader reform. This will be a core component of our industry positioning around the contentr financial services bill 2022.
A series of remedies were implemented from 2018 following the CCMS, including in relation to ‘persistent debt’, and it is anticipated that the FCA will undertake a review of the effectiveness of these in late 2022, or early 2023. UK Finance and its members will engage with the FCA as this work moves forward.
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