On 19 May 2025, Parliament’s website was updated to confirm that the House of Lords had its first reading of the Financial Services and Markets Bill (which is the Bill setting out the proposed reforms to the Consumer Credit Act 1974 (the CCA)). For those wanting to see the detail, the Bill has also been published.
Section 1 of the Bill sets out the key consumer credit changes (and the Bill covers many other financial services topics; more on those at some later point). Section 1(1) and Part 1 of Schedule 1 set out amendments to the CCA (for a summary of those, see our blog post from earlier this week). Section 1(2) and Part 2 of Schedule 1 set out “minor and consequential amendments to other legislation“.
We are currently waiting for a date for the second reading in the House of Lords.