Consumer Credit Act 2006 - reform of the Consumer Credit Act 1974

Latest news

The OFT has published revised guidance on Part 8 action and unfair relationships, following consultation, in May 2008. See Unfair relationships - Enforcement action under Part 8 of the Enterprise Act 2002 (pdf 179 kb)

The OFT has published Welsh language versions of the information sheets on arrears and default, together with a General Notice. The information sheets are available in this section.

The guidance on fitness and requirements replaces the current general guidance for licensees and applicants. It outlines how we will decide whether someone is fit to be licensed and the way we propose to exercise our new powers under the Consumer Credit Act 2006.

The statement of policy on civil penalties explains how the OFT proposes to use its powers to impose financial penalties on licensees where they fail to comply with requirements or to provide relevant information to the OFT. It also forms our guidance on civil penalties.

The licensing regime

The Consumer Credit Act 2006 will change the licensing system operated by the OFT. We will undertake further consultations on aspects of the new licensing system, before publishing additional guidance on key areas.

These pages give information on:

• alternative dispute resolution scheme
• Consumer Credit Appeals Tribunal
• financial limit and exemptions
• indefinite licences
• information sheets
• investigation and information-gathering powers
• new licence categories
• notifying changes in information
• post-contract transparency
• reformed fitness test - credit competence
• requirements and penalties
• unfair relationships.

The information on the pages listed above is outline only. Any legal views expressed in these pages or in any OFT guidance mentioned are those of the OFT. Only a court of law can give definitive legal view on the meaning of the provisions of the Consumer Credit Act 2006 or any legislation related to it. To find out your rights under the Act or other legislation you should obtain legal advice.

For general enquiries and guidance on the work of OFT, please phone us on 08457 22 44 99 or email enquiries@oft.gsi.gov.uk.

For an overview of the 2006 Act and the implementation timetable, please go to the Department for Business, Enterprise and Regulatory Reform website.

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