UK

Consumer Credit Act 1974 – the revised advertising regime

Julie Patient, Consultant, Financial Institutions Group, Lovells

In December 2003 the UK Government published proposals for the modernisation of the Consumer Credit Act 1974. The White Paper, “Fair, Clear and Competitive – The Consumer Credit Market in the 21st Century ” set out wide ranging proposals to increase fairness and transparency in the UK consumer credit market as well as to strengthen and modernise the licensing regime.The UK Government recognised that its proposals would run in parallel with the update to the Consumer Credit Directive but felt compelled to bring forward reforms ahead of any finalised Directive because of concerns over the level of UK consumer debt and the apparent lack of transparency in the market.