Following BIS’ announcement on legislation implementing the Consumer Credit Directive into UK law (see FReD This Week 1 April), the implementation legislation has now been published. It comprises:
- the Consumer Credit (EU Directive) Regulations 2010;
- the Consumer Credit (Total Charge for Credit) Regulations 2010;
- the Consumer Credit (Advertisement) Regulations 2010;
- the Consumer Credit (Disclosure of Information Regulations) 2010; and
- the Consumer Credit (Agreements) Regulations 2010.
Most of these Regulations come into force on 1 February 2011, although some take effect earlier and others include transitional provisions to permit earlier effectiveness. The EU Directive Regulations amend the CCA and various secondary legislation to take account of changes the CCD requires, while the others replace existing secondary legislation. The changes include provisions addressing agreements covered by the CCA which are outside the scope of the CCD. BIS plans a “plain English” guide to the changes no later than three months before they come into force. The explanatory memorandum includes a transposition note.