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Brief
The Competition and Markets Authority has issued an update regarding the review of the Home Credit Market Investigation Order 2007. The final decision and notice of intention to vary consultation have been published, outlining the terms of the revision.
The revisions aim to strengthen consumer protections and improve transparency in the home credit market. Key changes include enhanced requirements for lenders to disclose loan terms, increased penalties for non-compliance, and stricter controls on misleading advertising.
The updates also introduce new provisions for regulated agreements, data sharing contracts, and supplier obligations. These measures are designed to promote a more competitive and consumer-friendly market, with greater accountability for lenders and improved access to information for debtors.
Implementation of the revised order is expected to take place in stages, with key milestones including the provision of updated guidance and training for industry stakeholders.
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