Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what progress he has made on the reform of the Consumer Credit Act 1974 announced on 16 June 2022.

On 16th June, the government announced its intention to reform the Consumer Credit Act 1974 to ensure it remains fit for purpose and keeps pace with technological advancements and changing consumer needs.

Since this announcement, officials have engaged with a wide range of stakeholders across industry and consumer groups to seek initial views about the direction of reform. The government is currently working towards a public consultation on the approach to reform of the CCA, which it expects to be publish soon.

This will be followed by a period of policy development and further consultation with stakeholders. Implementation of the final approach will likely require primary legislation. This will be brought forward when parliamentary time allows.