Consumer Credit Act
The Consumer Credit Act is the legislation that covers the credit industry and the rules it must abide by.
First introduced in 1974, it has been amended several times since and the government has recently announced further changes.
The laws set out the rights of the consumer and the standards required from anyone providing consumer credit. One of the key features is that any company or individual who wishes to provide or arrange credit facilities must be granted a licence to do so by the Office of Fair Trading, and must abide by the terms of the licence.
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