Consumer credit—which way forward?

24 September 2021 / Fred Philpott

Issue: 7949 / Categories: Features , Brexit , EU , Commercial

The EU hs proposed a new Consumer Credit Directive. A major question is how does the UK react? Fred Philpott investigates

Considers how the UK might react to the EU proposal for a Directive on Consumer Credit.

On 30 June 2021 the EU issued a proposal for a Directive of the European Parliament and of the Council on Consumer Credits (2021/1071 (COD)). The question is how will the UK react to this new Directive if at all?

Background

The current Directive is 2008/48/EC, which is a maximum harmonisation Directive and was implemented by a raft of UK Regulations in 2010. The only previous EU Directive on Consumer Credit was 87/102/EEC. This was to a significant extent modelled on the UK Consumer Credit laws which began with the Consumer Credit Act 1974 (CCA 1974) and therefore little had to be changed in UK law to comply with the 1987 Directive.

The 2008 Directive was very significantly different from that of 1987 and required the UK to introduce numerous changes to consumer

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

Consumer credit—which way forward?

The EU hs proposed a new Consumer Credit Directive. A major question is how does the UK react? Fred Philpott investigates

Considers how the UK might react to the EU proposal for a Directive on Consumer Credit.

Background

The 2008 Directive was very significantly different from that of 1987 and required the UK to introduce numerous changes to consumer

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

SourceURL:

Links:

E-newsletter Sign-Up

MOVERS & SHAKERS

Read All

NLJ Career Profile: Bridget Tatham, Forum of Insurance Lawyers

Bridget Tatham, partner at Browne Jacobson and 2026 president of the Forum of Insurance Lawyers, highlights the importance of hard work, ambition and seizing opportunities

Gibson Dunn—London partner promotions

Firm grows international bench with expanded UK partner class

Shakespeare Martineau—six appointments

Firm makes major statement in the capital with strategic growth at The Shard

NEWS

Read All

Stress at work for corporate counsel

One in five in-house lawyers suffer ‘high’ or ‘severe’ work-related stress, according to a report by global legal body, the Association of Corporate Counsel (ACC)

Chancery Lane says no to LeO

The Legal Ombudsman’s (LeO’s) plea for a budget increase has been rejected by the Law Society and accepted only ‘with reluctance’ by conveyancers

Human rights concerns for patients, prisoners & immigration detainees

Overcrowded prisons, mental health hospitals and immigration centres are failing to meet international and domestic human rights standards, the National Preventive Mechanism (NPM) has warned

Licensing fast-track for conveyancing & probate professionals

Two speedier and more streamlined qualification routes have been launched for probate and conveyancing professionals

Stress at work? Join the (employment tribunal claim) queue

Workplace stress was a contributing factor in almost one in eight cases before the employment tribunal last year, indicating its endemic grip on the UK workplace

Error message

Consumer credit—which way forward?

Background

Background

MOVERS & SHAKERS

NLJ Career Profile: Bridget Tatham, Forum of Insurance Lawyers

Gibson Dunn—London partner promotions

Shakespeare Martineau—six appointments