A Critical Examination of the United Kingdom’s Consumer Credit Act 1974

Summary:

The Consumer Credit Act 1974 (CCA) is a pivotal UK legislation that regulates consumer credit agreements. The Act requires businesses involved in consumer credit or hire to obtain a license and lays down consumers' rights and remedies in case of disputes. While the Act was revolutionary at the time of its enactment, it now faces challenges in addressing modern-day financial complexities, particularly digital lending platforms and complex financial products.