Edinburgh Reforms are 'a positive step in the right direction'
International law firm RPC says reforms will bring innovation and increased accessibility of consumer credit productsCommenting on the impact on consumer credit regulation in the wake of the Chancellor's Edinburgh Reforms, of counsel Whitney Simpson, said:
"The Edinburgh Reforms announced last week include the much-anticipated consultation, Reforming the Consumer Credit Act (CCA) 1974.
"This consultation will be welcome news for the consumer credit sector, which has been eager for consumer credit regulation to be modernised since it was transferred to the Financial Conduct Authority in 2014.
"While we know this won't be a quick process and will take time to get right, it is definitely a positive step in the right direction.
"We look forward to the CCA being bought up-to-date to help facilitate innovation, increase accessibility of products and ensure protection of consumers in today's ever increasing digital economy."