We’ve responded to the government’s consultation on reforming the Consumer Credit Act (CCA). We are supportive of the principle of transferring CCA provisions into FCA regulation, as a way to create a simpler, more agile regime that is more responsive to future changes in the consumer credit market. 

We agree that this reform presents an opportunity to modernise and improve information requirements under the CCA, leading to communications that are clearer and more supportive for consumers. 

However, we believe that CCA provisions around sanctions provide an important form of immediate consumer protection that is additional to the FCA regime. We believe that more proportionate application of sanctions associated with updated and simplified information requirements would deliver the best outcomes for consumers and for firms.