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Reforms to UK consumer-credit laws published for consultation

( May 19, 2025, 09:37 GMT | Official Statement) -- MLex Summary: Phase one of a plan to overhaul the UK’s 50-year old consumer-credit laws has been published for consultation. The government said it intends to repeal many of the remaining Consumer Credit Act provisions, which won’t be precisely replicated in Financial Conduct Authority rules. Instead, the FCA will consider what appropriate requirements should be put in place, considering existing principles and rules. The Consumer Credit Act applies to personal loans, credit cards, car finance, hire purchase, overdrafts and lending to small businesses where the loan is less than 25,000 pounds. Feedback is invited before July 21. Statement below, document attached. ...

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