European Consumer Credit Directive

Since 1 February 2011, lenders providing unsecured loans regulated by the CCA 1974 have to comply with guidelines imposed by the Consumer Credit (EU Directive) Regulations 2010. The directive made many changes, including rules on creditworthiness, the right of withdrawal, early repayment, adequate explanations of credit, credit reference agencies and credit intermediaries. Many of these amendments have since been omitted from the CCA 1974 and can now be found in the FCA’s CONC.