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Authors: Premlata Fagan, Clare Whittle

Reform of the Consumer Credit Act – Phase 1

On 19 May, HM Treasury released a consultation paper proposing reform of the Consumer Credit Act. In this paper, the Government confirmed its commitment to delivering an overhaul of the consumer credit regime, intending to move “at pace” to implement “real change” in the sector and ensure that the regime is fit “for the next 50 years of change and beyond”. A less cumbersome and more modern regime lies ahead. Due to the scale and complexity of CCA reform, the Government is taking a phased approach to its consultation. Read our key takeaways from phase 1 here.