Consumer Credit Act 2006

The Consumer Credit Act 2006 amends the Consumer Credit Act 1974 and extends the ombudsman scheme to cover licensees under the Consumer Credit Act 1974.

The Consumer Credit Act 2006 aims to extend the scope of the Consumer Credit Act 1974, creates an Ombudsman scheme, and increases the powers of the Office of Fair Trading in relation to consumer credit. In addition, it permits borrowers to challenge "unfair relationships between creditors and debtors" in court.

Information requirements

Consumer Credit Act 2006 also improves consumer credit regulation by strengthening and improving the licensing system for consumer credit businesses, requiring consumers to be provided with minimum standards of information. Through target action the Act also tackles unfair practices and increases the effectiveness of regulation by extending protection to all types of consumer credit and creating a more suitable regime for business.


Consumer Credit Act 2006