The Law Reform Committee of the Bar Council has responded to the BIS consultation on reforming the consumer credit regime. It is worried the proposals have not properly considered some of the external constraints to reform. It notes the Consumer Credit Directive poses a big problem because of its maximum harmonisation character which restricts the extent to which the current FSMA and CCA regimes could become more coherent. It also says it is not aware of any significant problems in the consumer credit markets that have stemmed from any lack of market oversight. (Source: Response of Law Reform Committee to BIS consultation on reforming the consumer credit regime)