The Consumer Credit Bill has been taken to the House of Commons in an effort to bring the country's lending measures in line.
The proposed bill will serve to curb so-called ‘rogue lenders’ and creating a fairer and more competitive credit market by introducing new rules to protect consumers. Reforms for the Bill include: An independent ombudsman service for consumers to challenge agreements without having to endure a lengthy and expensive court battle; A new unfair credit relationships test for consumers to challenge unfair practices and terms, and not just extortionate rates; A new requirement for lenders to provide consumers with more and clearer information about their credit accounts; Improved powers ...
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