On 30 October 2023, the new EU Consumer Credit Directive (CCD2) was published in the Official Journal of the European Union.
The timeline is:
– CCD2 will come into force on 19 November 2023.
– EU member states must adopt, and publish, the regulatory framework to implement CCD2 by 20 November 2025.
– CCD2 will come into force on 20 November 2026 (and it will repeal the EU Consumer Credit Directive from 2008).
Because the United Kingdom is no longer an EU member state, it will not need to implement it. However, it remains to be seen to what extent any of CCD2 is implemented into UK law to ensure parity with EU law.