Proposed changes to the CCA

[JMcG]

What do they affect in comparison to the existing Act?
s75? DNs?
Is it beneficial to the consumer?
If anyone knows, I'm sure you guys will!

[atticus]

The government is presently undertaking a consultation exercise: https://www.gov.uk/government/consul...t-consultation


A long period of time usually elapses between the announcement of a consultation and any subsequent legislation coming into force.

[JMcG]

The government is presently undertaking a consultation exercise: https://www.gov.uk/government/consul...t-consultation


A long period of time usually elapses between the announcement of a consultation and any subsequent legislation coming into force.

Hi Atticus,

Sure it will take time, but best to get objections in early to protect existing safeguards?
I imagine there are plenty of firms with loud voices & financial backing who will have vested interests in watering down current ones.

[atticus]

Will you be responding to the consultation?

[JMcG]

Will you be responding to the consultation?

"Who should respond?
6.3 A range of groups will be interested in the questions and
evidence presented. The government welcomes responses from all
stakeholders, including:
•Consumer groups
•Mainstream lenders
•SME lenders
•Other lenders
•Credit brokers
•Pawn brokers
•Credit card providers
•Businesses, such as retailers, which offer credit"

I don't think they'll let me.

[atticus]

So be it, if you do not consider yourself to be a stakeholder.

I am sure that you will be monitoring the consultation and any resulting proposals for legislation. The CCA is approaching 50 years old, and so a review may be appropriate.

[atticus]

The consultation document contains this (p9):

Consultation and how to respond

This consultation document has been developed following significant engagement with consumer groups and industry representatives. The purpose of publishing this consultation document is to enable interested stakeholders to make further representations on the scope and form of CCA reform.

Responses are invited by 17 March 2023 and should be sent to consumercreditact@hmtreasury.gov.uk. Responses will be shared with the FCA unless otherwise requested.

Further information about responding to this consultation and the way in which personal data will be processed can be found in Chapter 6.

[JMcG]

So be it, if you do not consider yourself to be a stakeholder.

I am sure that you will be monitoring the consultation and any resulting proposals for legislation. The CCA is approaching 50 years old, and so a review may be appropriate.

I will be following with interest.
It's many years since I delved into the depths of CCA, but I do try to keep abreast of things.