Consumer Credit Act 2006
The Consumer Credit Act 2006 updates and amends the Consumer Credit Act 1974, establishing a fairer, more transparent and competitive credit market.
It does this by:
- strengthening consumer rights by enabling consumers to challenge unfair lending agreements and making it possible for disputes to be resolved more easily
- improving consumer credit regulation by strengthening and improving the licensing system for consumer credit businesses, requiring consumers to be provided with minimum standards of information, and through targeted action to tackle unfair practices
- increasing the effectiveness of regulation by extending protection to all types of consumer credit and creating a more suitable regime for business
