ABSTRACT
The Consumer Credit Bill — which is relatively modest in size and scope — should really have the words 'amendment' or 'reform' in its title as it leaves the framework established by the Consumer Credit Act 1974 Act (CCA) untouched and merely introduces piecemeal changes. The bulk of the Bill is devoted to overhauling the licensing system and to extending the jurisdiction of the Financial Ombudsman Service to consumer credit disputes. In any event, the eventual adoption of the Consumer Credit Directive will require a revisiting of consumer credit regulation in the not too distant future. A major change in the Bill is the considerable widening of the scope of consumer credit regulation. The Bill was preceded by a batch of significant new secondary legislation made under the CCA. The general removal of the financial limit has required a reconsideration of the CCA provisions which render certain agreements 'irredeemably' unenforceable.
