9 December 2022
Commenting on the Reform of the Consumer Credit Act consultation, published today by Government, Stephen Haddrill, Director General of the Finance & Leasing Association, said:
“The Consumer Credit Act was written back in the 1970s, and subsequent updates have merely nibbled the edge of what needed to be changed.
“We therefore welcome today’s announcement as the first stage of what must be comprehensive reform. For too long, consumers and lenders have had to deal with archaic language, complicated processes and rigid structure.
“We need a modern regime that protects consumers, facilitates innovation and is futureproofed to grow and adapt with the industry.
“The Government recognise the important role that credit plays in the economy, so we look forward to working with them to improve the regulation that underpins billions of transactions each year in the UK.”
Note to editors:
- In 2021, FLA members provided £132 billion of new finance to UK businesses and households. £31 billion of finance was provided to businesses and the public sector. FLA members financed more than a third of UK investment in machinery, equipment and purchased software in the UK in 2021.
- For media enquiries, please contact the FLA press office on 020 7420 9656.