Consumer law

Detailed proposals for the FCA regime for consumer credit

On 1 April 2014 the FCA will take over the regulation of the consumer credit industry from the Office of Fair Trading.

Payday lending market investigation: Competition Commission

The Competition Commission (CC) is to carry out an investigation into the market for payday lending in the UK.

Product safety and market surveillance package: proposal for new European regulations

Seeks views on the European Commission's proposals for two new European regulations that aim to improve consumer product safety and the functioning of the European internal market through effective market surveillance.

Draft Consumer Contracts (Information, Cancellation and Additional Payments) Regulations

Draft Consumer Rights Bill

A draft Bill for a simple, modern framework of consumer rights.

Proposal to amend the definition of "debtor" in Section 189 of the Consumer Credit Act (1974) for the purposes of the Green Deal

The purpose of this consultation is to propose a very specific amendment to the definition of "debtor" in the Consumer Credit Act 1974, to provide confidence to creditors as to the identity of the "debtor" under a regulated Green Deal Plan. This amendment does not change policy or the way in which the Green Deal works.

Payday lending

The OFT has provisionally decided to make a market investigation reference (MIR) to the Competition Commission (CC) of the market for payday lending in the United Kingdom. This consultation document is published in order that interested parties can respond to the provisional decision.

Consumer credit regulation - our proposed regime

On 1 April 2014, the regulation of the consumer credit market will be transferred from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA). This move was announced by the government, with the aim of increasing protection for consumers. The government has now published a consultation document setting out its proposals for this transfer.

Credit union maximum interest rate cap

The UK Government issued a consultation on raising the maximum interest rate cap for credit union loans. This consultation seeks views on the proposal to increase the maximum interest rate that credit unions can charge, from 2% per month to 3% per month.

OFT - Annual Plan 2013/14 consultation

The OFT is seeking views and comments on its proposed strategic themes and priorities for 2013/14.

The OFT plans to focus on the following five cross-cutting themes in 2013/14:

  1. vulnerable consumers and consumers challenged by the adverse economic climate
  2. pricing used as a barrier to fair choice and competition
  3. novel and developing markets and business practices
  4. public services markets
  5. closer working with economic regulators

This year, the annual plan consultation document has been informed by an OFT strategic assessment of risks to UK consumers and markets. This assessment has been developed to assist the OFT in selecting its work and will assist the OFT's leadership in making decisions on prioritisation.