1. Introduction
Most clients seen by a debt adviser are likely to have at least some credit debts. Many clients only have credit debts and the majority of these are likely to be regulated by the Consumer Credit Act 1974. In addition, the Financial Services and Markets Act 2000 regulates many credit-related activities. It is, therefore, essential for a debt adviser to be familiar with this legislation.
Both Acts provide protection by:
•authorising traders (see next);
•regulating credit agreements (see here); •providing sanctions for non-compliance (see here–here); •exercising judicial control – eg, time orders and unfair relationships (see Chapters 6, 8 and 12).