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The regulations in question are the 1983 Regulations (Consumer Credit (Agreements) Regulations 1983 (SI 1983/1553)). These regulations laid down specific rules regarding certain "prescribed terms". For example, a regulated credit agreement had to contain prescribed information about the amount of credit, the length of any fixed term loan, the ...
The Department of Prices and Consumer Protection was established in 1974. This was the first time a government department's title made reference to consumer protection. In 2011 Consumer Minister Edward Davey announced plans within a policy document called Better Choices, Better Deals: Consumers Powering Growth to ensure that businesses would provide key information to their customers on how ...
In February 2011, Safestyle UK became the first company to be prosecuted under the regulations. In an action [1] brought by North Lincolnshire Council Trading Standards Department they were found guilty under paragraph 25 (ignoring a request not to return) [2] and fined £4000 with £18,000 costs for repeatedly calling on a consumer in Scunthorpe.
The main consumer protection laws in the UK are the Consumer Protection Act 1987 and the Consumer Rights Act 2015. The United Kingdom has left the European Union, but during the transition period (until end of 2020) the UK was still bound by directives of the European Union.
[21] [22]: 143 The authority has been responsible for regulating the consumer credit industry since 1 April 2014, taking over the role from the Office of Fair Trading. [23] In July 2023, the FCA announced reforms aiming to curb the use of social media by 'finfluencers' to encourage the purchasing of harmful financial products by UK consumers.
The majority of the OFT's work consisted of analysing markets, enforcing consumer and competition law, merger control, licensing and supervisory work (of consumer credit, estate agency, anti money-laundering supervision), advocacy, delivering information, education programmes and campaigns to business and consumers.
Payday loans in the United Kingdom are typically small value (up to £1500) and for short periods. Payday loans are often used as a term by members of the public (and commentators) generically to refer to all forms of High-cost Short-term credit (HCSTC) including instalment loans, e.g. 3-9 month products, rather than just loans provided until the next pay day.
The Consumer Protection Act 1987 is an Act of the Parliament of the United Kingdom which made important changes to the consumer law of the United Kingdom. Part 1 implemented European Community (EC) Directive 85/374/EEC , the product liability directive, by introducing a regime of strict liability for damage arising from defective products.