- Landmark legislation, first passed over 50 years ago, modernised to reflect how people use credit today.
- Changes will mean consumers will receive clearer information when using credit cards, loans and overdrafts – helping them make smarter financial decisions.
- Reforms support innovation and growth, giving firms the freedom to develop new products while maintaining strong consumer protections.
Consumers who take out loans, credit cards or overdrafts are expected to benefit from clearer information about costs and key terms, helping them understand their options and make informed financial decisions – thanks to major reforms announced today (18 May).
While some updates have been made over the years to the Consumer Credit Act…