18 Aug 2013

Consumer credit reform August 2013

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Earlier this month, the Department for Business Innovation & Skills ("BIS") published draft regulations as part of a raft of reforms aimed at consolidating the UK's consumer credit regime and bringing it into line with the Consumer Rights Directive. The regulations would provide consumers with enhanced rights, including:

* the right to bring civil claims against traders who engage in aggressive or misleading sales practices; and

* the extension of consumers' cancellation rights in relation to distance and off-premises selling situations from 7 to 14 days.

These measures would apply to most consumer contracts, other than those for financial services or immoveable property (with the exception of residential leases).

BIS has published an impact assessment and asked for comments on the detail of the proposals by 11 October 2013.

In this note we summarise the key points. View email to find out more
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Tony Woodcock

Tony Woodcock
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