Reforming Consumer Credit Regulations
Today at Startup Coalition, we’ve launched our report outlining a blueprint for a consumer credit regime fit for the 21st century. Read the full report here.
50 years after the Crowther Review brought in the CCA, we’re calling on the Government to show leadership in ambitious reform that consumers and businesses need. The current regulatory regime has failed to adapt to innovation in how consumers are services, the products they use, and how affordability can be measured.
Data we published alongside the report found that the general public is woefully ill informed about how credit and the regulations that protect them work. The data also showed that conventional criticism of Buy Now, Pay Later is flawed, whilst the public also expect far more of what they currently get from credit reference agencies and the financial ombudsman service.
It is vital that we adopt an up to date consumer credit market and our blueprint outlines how to do exactly this: removing the shackles of the Consumer Credit Act to deliver regulations that truly work for consumers, updating the outdated Credit Reference Agency practices and improving the Financial Ombudsman Service.
Reform of the consumer credit regulations is long overdue – building a robust regime for the 21st century is a formidable challenge, which is why we must start now.