07 October 2022 / Alexander Edwards

Issue: 7997 / Categories: Features , Profession

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The Consumer Credit Act: Behind the times?

© Copyright LexisNexis 2026. All Rights Reserved.

96633

Change is (hopefully) coming: Alexander Edwards explores the benefits a reformed Consumer Credit Act 1974 might offer

The UK government has committed to reform the Consumer Credit Act 1974. It is hugely out of date in its current form, and it fails to offer the consumer protection it set out to deliver.
Technical terms will be simplified, and it will become easier and more cost-effective for businesses to implement regulation.
The reforms to the Act will essentially allow lenders to provide a wide range of finance while maintaining high levels of consumer protection.

The Consumer Credit Act 1974 (CCA 1974) governs billions of credit card purchases and loans each year. Almost 50 years after its enactment, there is self-evident need for an urgent reform. It is out of date with today’s modern world. In its current form, it fails to offer the consumer protection it set out to deliver, and some may say it could be contributing harm to consumers.

Unfit for purpose

While CCA

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The Consumer Credit Act: Behind the times?

© Copyright LexisNexis 2026. All Rights Reserved.

Issue: 7997 / Categories: Features , Profession

96633

Change is (hopefully) coming: Alexander Edwards explores the benefits a reformed Consumer Credit Act 1974 might offer

The UK government has committed to reform the Consumer Credit Act 1974. It is hugely out of date in its current form, and it fails to offer the consumer protection it set out to deliver.
Technical terms will be simplified, and it will become easier and more cost-effective for businesses to implement regulation.
The reforms to the Act will essentially allow lenders to provide a wide range of finance while maintaining high levels of consumer protection.

The Consumer Credit Act 1974 (CCA 1974) governs billions of credit card purchases and loans each year. Almost 50 years after its enactment, there is self-evident need for an urgent reform. It is out of date with today’s modern world. In its current form, it fails to offer the consumer protection it set out to deliver, and some may say it could be contributing harm to consumers.

Unfit for purpose

While

If you are not a subscriber, subscribe now to read this content

If you are already a subscriber sign in

...or Register for two weeks' free access to subscriber content

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