Complying with the Consumer Credit Act

The Consumer Credit Act states that the majority of businesses that lend money, sell goods on credit or offer other financial solutions must be regulated by the Office of Fair Trading (OFT).

Trading without an OFT licence is a criminal offence, punishable by a prison sentence or hefty fine.

If you are setting up your bank, peer-to-peer website or any other type of lending service, you will need to adhere to the rules and regulations set by the Act.

JMW’s solicitors have a comprehensive knowledge of the Act and all its clauses – call us today on 0345 872 6666 to chat about how the law impacts your plans. Alternatively, you can fill in the enquiry form on this page and we will get back to you. We take on cases from across the UK, including London and Manchester.

What’s included in the Consumer Credit Act?

The Act is comprehensive and covers all aspects of lending to both consumers and businesses, including:

  • Pre and post contract information
  • Early settlement
  • Brokerage fees
  • Unfair relationships – where the borrower is being mistreated

Working with JMW Solicitors

If you are considering starting up your own consumer or business lending service then it is vital for you to have a good understanding of Consumer Credit Act compliance and how the Act could impact you.

Call us today on 0345 872 6666 and our solicitors will help you to make sure that your operations are run in accordance with the law.

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