Consumer Credit Bill goes to the Commons

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 ...