GOV.UK News Simplified

Consumer Credit Act reformed to protect consumers and support modern finance

• Summary: The government is updating the Consumer Credit Act for the first time in over 50 years. The changes aim to give consumers clearer information about loans and credit while allowing financial companies more room to develop new services.

  Why it matters: The current rules were written decades ago and do not cover modern types of borrowing. Updated rules will help protect people using newer financial products.

  Who is affected: Anyone who borrows money, uses credit cards, or takes out loans. Financial companies offering credit will also be affected.

  What happens next: The government will work on the specific details of the new rules. Further announcements are expected as the reform progresses.

  Read the full announcement