header-logo header-logo

Consumer credit: no sunset in sight?

17 March 2023 / Fred Philpott
Issue: 8017 / Categories: Features , EU , Brexit , Commercial , Financial services litigation
printer mail-detail
With the revocation of remaining EU legislation on the horizon, Fred Philpott highlights the challenges & opportunities for consumer credit law
  • The Retained EU Law (Revocation and Reform) Bill, if it becomes an Act, will repeal, revoke or reform most of the EU retained law. But this does not apply to UK consumer credit law, a significant part of which is derived from EU legislation.

The Retained EU law (Revocation and Reform) Bill has been described by Professor Michael Zander KC as one of the worst pieces of legislation he can remember in 60 years of following the law-making process (‘Taking back control over retained EU law (Pt 2)’, 172 NLJ 8007, p14).

In very basic outline, the Bill will revoke or reform all EU-derived legislation at the end of this year. This is subject to many exceptions and the ability of government to extend that provision until the tenth anniversary of the Brexit vote (ie June 2026).

Financial services, including consumer credit, are outside of

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

MOVERS & SHAKERS

Mourant—Stephen Alexander

Mourant—Stephen Alexander

Jersey litigation lead appointed to global STEP Council

mfg Solicitors—nine trainees

mfg Solicitors—nine trainees

Firm invests in future talent with new training cohort

360 Law Group—Anthony Gahan

360 Law Group—Anthony Gahan

Investment banking veteran appointed as chairman to drive global growth

NEWS
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Charles Pigott of Mills & Reeve reports on Haynes v Thomson, the first judicial application of the Supreme Court’s For Women Scotland ruling in a discrimination claim, in this week's NLJ
The Supreme Court issued a landmark judgment in July that overturned the convictions of Tom Hayes and Carlo Palombo, once poster boys of the Libor and Euribor scandal. In NLJ this week, Neil Swift of Peters & Peters considers what the ruling means for financial law enforcement
back-to-top-scroll