Legislation.

Introduction to consumer credit legislation

Consumer Credit is regulated in the United Kingdom and following the financial crisis the government is considering a reform to the current system of regulation. At present the Financial Services Authority regulates first charge mortgages whilst the Office of Fair Trading holds the remit for all other regulated lending. You can find out more about the proposed changes to the regulation of consumer credit by visiting our news pages.

Please note that the information on this website only relates to credit which is regulated by the Consumer Credit Act 1974 which is that falling within the remit of the Office of Fair Trading. We will of course update the information contained here if and when the government implement their proposed changes.

 Primary Legislation

• Consumer Credit Act 1974 please note the Act has recently been amended by the Consumer Credit (EU Directive) Regulations 2010, the Consumer Credit (Amendment) Regulations 2010 and the Consumer Credit (Amendment) Regulations 2011 and that legislation.gov.uk has not yet made all of the amendments to the Act.
• Administration of Justice Act 1970
•  Hire Purchase Act 1964

Secondary Legislation

• Consumer Credit (Disclosure of Information Regulations) 2010
• Consumer Credit (Total Charge for Credit) Regulations 2010
• Consumer Credit (Agreements) Regulations 2010
• Consumer Credit (Advertisements) Regulations 2010
• The Legislative Reform (Consumer Credit) Order 2008
• The Consumer Credit (Exempt Agreements) Order 2007
• The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007
• Financial Services (Distance Marketing) Regulations 2004
• The Consumer Credit (Early Settlement) Regulations 2004
• The Consumer Credit Act 1974 (Electronic Communications) Order 2004
• The Consumer Credit (Credit Reference Agency) Regulations 2000
• The Consumer Credit (Exempt Agreements) Order 1989
• The Consumer Credit (Agreements) Regulations 1983