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Consumer Rights Bill to become law on 1 October 2015

  • United Kingdom
  • Financial institutions - Retail finance

10-12-2014

The government has recently announced that the Consumer Rights Bill is intended to become law on 1 October 2015, subject to the ongoing parliamentary process.

The Bill is highly relevant to providers of financial products and services to consumers. It will introduce significant changes to consumer laws, including those dealing with the provision of services to consumers and the present unfair terms legislation.

This will affect all contractual relationships and products offered to consumers including:

  • for insurers: home insurance, car insurance and life policies
  • for providers of retail finance: bank accounts, credit cards, mortgages and personal loans
  • for asset managers: investment trusts and bonds.

The changes will require a careful review of how these products are offered to consumers and the terms and conditions that are used. This means that the clock is now ticking: there is less than a year before the law is in place. There is likely to be a six month transition period following its introduction.

Our more detailed briefing on the Bill can be found here.

For more information contact

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