FLA response to Reform of the Consumer Credit Act consultation

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.”