Consumer Credit Act 2006: Removal of the £25,000 financial limit and impact of Section 82 of the CCA 1974

CML policy position

The CML is committed to ensuring that changes to the frameworks of regulation created by the CCA 1974 and by FSMA 2000 are, as far as possible, consistent with lender operating systems and procedures and that the changes do not create undue costs or unduly limit market opportunities for lenders. This means that the CML is committed to ensuring that "boundary issues" such as those deriving from abolition of the financial limit, are successfully resolved from a lender perspective.