King’s Speech makes no mention of consumer credit reform

Earlier today, on 17 July 2024, King Charles III delivered his King’s Speech setting out the areas of reform for the new Labour Government.

But any consumer credit firms or advisers looking for some mention of reform of the Consumer Credit Act 1974 will be disappointed. There was no mention of such reform either in the King’s Speech, or in the background briefing notes.

It therefore remains to be seen whether there will be any further consultation issued by HM Treasury. The Government’s website simply says that the “consultation has concluded“. No further updates have been added since 11 July 2023. But there is surely a long overdue need for reform: the current system is notoriously complex and often works in a way which does not promote innovation.

House of Commons European Scrutiny Committee starts inquiry into the future of EU retained law

On 31 January 2022, the House of Commons European Scrutiny Committee started an inquiry into the future of EU retained law. The Committee has published a call for evidence, which is open for submissions until 14 March 2022.

The Committee says it will look into the following and other issues:

– In what ways is retained EU law a distinct category of domestic law? To what extent does this affect the clarity and coherence of the statute book?

– Is retained EU law a sustainable concept and should it be kept at all?

– Do the principles and concepts of EU law continue to provide an acceptable and suitable basis for legislation in post-Brexit UK?

– How has the concept of retained EU law worked in practice since it came into effect and what uncertainties or anomalies have arisen, or may yet arise in the future?

– (a) In light of the doctrine of parliamentary sovereignty, what was the rationale for retaining the principle of the ‘supremacy of EU law’? (b) What is the most effective way of removing the ‘supremacy of EU law’ and other incidents of EU law from the statute book?

– Should retained EU law be interpreted in the same way as other domestic law? Should the case law of the Court of Justice of the European Union have any relevance in the interpretation of retained EU law?

– Should a wider range of courts and tribunals have the ability to depart from retained EU case law and should it be binding at all?

– To what extent has retained EU law affected devolved competence?

– Are there issues specific to the devolved administrations and legislatures that should be taken into account as part of the Government’s reviews into retained EU law?

This inquiry follows the UK Government’s proposal to bring forward a Bill to allow EU retained law to be more easily changed or repealed (possibly by secondary legislation). The Government has published a press release and a policy paper.

Banking (Consumer and Small Business Protection) Bill 2017-19 has its first reading in the House of Commons

On 7 May 2019, the UK House of Commons had its first reading of a private members’ bill, sponsored by Charlie Elphicke MP, called the Banking (Consumer and Small Business Protection) Bill 2017-19.

There is little information on the detail at this stage: Parliament’s website says the Bill is “being prepared for publication”. But the summary is interesting: “A Bill to make provision to enable consumers to transfer mortgages between providers; to prohibit the sale of mortgage debt to unregulated entities and the foreclosure of certain loans; to establish financial services tribunals; and for connected purposes

There may, of course, be overlap with the UK Financial Conduct Authority’s consultation paper on helping so called ‘mortgage prisoners. Private Members’ Bills are also notoriously difficult to pass into law. It’ll therefore be interesting to keep a close eye on the Bill’s progression.