Consumer Credit Act 2006

The Consumer Credit Act 2006^[1]
Dates
Parliament of the United Kingdom
Long title	An Act to amend the Consumer Credit Act 1974; to extend the ombudsman scheme under the Financial Services and Markets Act 2000 to cover licensees under the Consumer Credit Act 1974; and for connected purposes.
Citation	2006 c 14
Royal assent	30 March 2006
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended

The Consumer Credit Act 2006 (c 14) is an Act of the Parliament of the United Kingdom intended to increase consumer protection when borrowing money.

Provisions

The main provisions of the Act are to extend the scope of the Consumer Credit Act 1974, to create an Ombudsman scheme, and to increase the powers of the Office of Fair Trading in relation to consumer credit. In addition, it permits borrowers to challenge unfair debtor-creditor relationships in court.^[2]

Consumer Credit Act 1974

The 2006 Act brings two further types of agreement under the scope of the 1974 Act:

Consumer agreements above £25,000, to reflect growing levels of consumer borrowing and debt;
In section 1, to include small, one-man businesses and partnerships of up to three people.

Ombudsman scheme

The 2006 Act gives consumers the option of using the Financial Ombudsman Service if they are unhappy with their lender's dispute resolution service, whether the lender consents or not. Complaints may also be raised against other types of credit related companies, such as debt-collection agencies.

Office of Fair Trading

The 2006 Act empowers the Office of Fair Trading (OFT) to investigate applicants for consumer credit licences, to impose conditions on licences, and to impose civil penalties of up to £50,000 on companies which fail to comply with its conditions, appeals from which lie to the First-tier Tribunal and £5,000 for individuals. (formerly the Consumer Credit Appeals Tribunal) and thence, with leave, to the Upper Tribunal.

Section 71 - Short title, commencement and extent

The following orders have been made under section 71(2):

The Consumer Credit Act 2006 (Commencement No. 1) Order 2006 (S.I. 2006/1508 (C. 52))
The Consumer Credit Act 2006 (Commencement No. 2 and Transitional Provisions and Savings) Order 2007 (S.I. 2007/123 (C. 6))
The Consumer Credit Act 2006 (Commencement No. 2 and Transitional Provisions and Savings) (Amendment) Order 2007 (S.I. 2007/387 (C. 14))
The Consumer Credit Act 2006 (Commencement No. 3) Order 2007 (S.I. 2007/3300 (C. 136))
The Consumer Credit Act 2006 (Commencement No. 4 and Transitional Provisions) Order 2008 (S.I. 2008/831 (C. 40))
The Consumer Credit Act 2006 (Commencement No. 4 and Transitional Provisions) (Amendment) Order 2008 (S.I. 2008/2444 (C. 105))

References

↑ The citation of this Act by this short title is authorised by section 71(1) of this Act.
↑ "Unfair Relationships under the Consumer Credit Act 2006". The Payday Review. 28 February 2013. Retrieved 2 March 2013.

External links

Times Online article about the Act

UK Legislation

Text of the Consumer Credit Act 2006 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk
Explanatory notes to the Consumer Credit Act 2006.

United Kingdom legislation

Pre-Parliamentary legislation	List of English statutes Charter of Liberties Magna Carta

Acts of Parliament by states preceding the Kingdom of Great Britain	Acts of the Parliament of England to 1483 1485–1601 1603–1641 Interregnum (1642–1660) 1660–1699 1700–1706 Acts of the Parliament of Scotland

Acts of Parliament of the Kingdom of Great Britain	1707–1719 1720–1739 1740–1759 1760–1779 1780–1800

Acts of the Parliament of Ireland	to 1700 1701–1800

Acts of Parliament of the United Kingdom of Great Britain and Ireland and the United Kingdom of Great Britain and Northern Ireland	1801–1819 1820–1839 1840–1859 1860–1879 1880–1899 1900–1919 1920–1939 1940–1959 1960–1979 1980–1999 2000 to date Halsbury's Statutes Legislation.gov.uk Short titles

Church of England measures	List Church of England Assembly (Powers) Act 1919

Legislation of devolved institutions	Acts of the Scottish Parliament List Acts and Measures of the National Assembly for Wales List Acts of the Northern Ireland Assembly List Acts of the Parliament of Northern Ireland List Orders in Council for Northern Ireland List

Orders-in-Council	Order in Council

Secondary legislation	United Kingdom Statutory Instruments Scottish Statutory Instruments Acts of Sederunt Acts of Adjournal

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