Saracens Blog


The law in respect of consumer credit regulations is complex. Financial Law Services provide the legal framework for the financial services industry and governs the raising of finance from the public by companies. When we considerfinancial law services, the consumer credit regulations play an active part in ensuring financial fair play between businesses and consumers.

One of the key pieces of legislation in relation to consumer credit regulations is the Consumer Credit Act 1974. The act has now been superseded by the introduction of the Consumer Credit Act 2006. There are various parts to the act but a key theme is looking at the relationship between credit providers and the consumers and how we can govern fair trading. Whether you are involved in financial law services or otherwise; it is important to remember that most businesses that offer goods or services on credit or lend money to consumers need to be licensed by the OFT. It is important to note that it is a criminal offence to trade without a licensing arrangement and this can result in a fine or a custodial sentence.

Consumer credit regulations generally cover a range of agreements between different entities, including those offering financial law services and those relationships that lie between creditors and debtors. The regulations look at credit hire agreements and consider whether business services and/or financial law services created between different people are fair on their terms and conditions.


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