Consumer Credit Act 2006

Consumer Credit Act 2006
The Consumer Credit Act 2006[1]

Parliament of the United Kingdom
Long title An Act to amend the Consumer Credit Act 1974; to extend the ombudsman scheme under the Financial Services and Markets Act 2000 to cover licensees under the Consumer Credit Act 1974; and for connected purposes.
Statute book chapter 2006 c 14
Royal Assent 30 March 2006
History of passage through Parliament
Text of statute as originally enacted
Revised text of statute as amended

The Consumer Credit Act 2006 (c 14) is an Act of the Parliament of the United Kingdom intended to increase consumer protection when borrowing money.



The main provisions of the Act are to extend the scope of the Consumer Credit Act 1974, to create an Ombudsman scheme, and to increase the powers of the Office of Fair Trading in relation to consumer credit. In addition, it permits borrowers to challenge in court "unfair relationships between creditors and debtors".

Consumer Credit Act 1974

The 2006 Act brings two further types of agreement under the scope of the 1974 Act:

  • Consumer agreements above £25,000, to reflect growing levels of consumer borrowing and debt;
  • In section 1, to include small, one-man businesses and partnerships of up to three people.

Ombudsman scheme

The 2006 Act gives consumers the option of using the Financial Ombudsman Service if they are unhappy with their lender's dispute resolution service, whether the lender consents or not. Complaints may also be raised against other types of credit related companies, such as debt-collection agencies.

Office of Fair Trading

The 2006 Act empowers the Office of Fair Trading (OFT) to investigate applicants for consumer credit licences, to impose conditions on licences, and to impose civil penalties of up to £50,000 on companies which fail to comply with its conditions, appeals from which lie to the First-tier Tribunal (formerly the Consumer Credit Appeals Tribunal) and thence, with leave, to the Upper Tribunal.

Section 71 - Short title, commencement and extent

The following orders have been made under section 71(2):

See also


  1. ^ The citation of this Act by this short title is authorised by section 71(1) of this Act.

External links

UK Legislation

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