{"id":3745319,"date":"2026-05-19T11:26:52","date_gmt":"2026-05-19T15:26:52","guid":{"rendered":"https:\/\/www.pymnts.com\/?p=3745319"},"modified":"2026-05-19T11:26:52","modified_gmt":"2026-05-19T15:26:52","slug":"united-kingdom-makes-digitally-focused-updates-decades-old-credit-law","status":"publish","type":"post","link":"https:\/\/www.pymnts.com\/news\/regulation\/2026\/united-kingdom-makes-digitally-focused-updates-decades-old-credit-law\/","title":{"rendered":"UK Makes Digitally-Focused Updates to Decades-Old Credit Law"},"content":{"rendered":"<p>Regulators in the United Kingdom said in a Monday (May 18) <a href=\"https:\/\/www.gov.uk\/government\/news\/consumer-credit-act-reformed-to-protect-consumers-and-support-modern-finance\">news release<\/a> that they are ready to update the country\u2019s 52-year-old <a href=\"https:\/\/www.legislation.gov.uk\/ukpga\/1974\/39\/contents\">Consumer Credit Act<\/a>.<\/p><div\r\n\tid=\"article-paywall-overlay\"\r\n\tclass=\"d-none\"\r\n>\r\n\t<div id=\"article-paywall-content\" class=\"my-4\">\r\n\t\t\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2699550-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"2699550\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/wp-json\/wp\/v2\/posts\/3745319#wpcf7-f2699550-o1\" method=\"post\" class=\"wpcf7-form init pymnts-article-paywall-form\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"2699550\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.5\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f2699550-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" 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value=\"3745319\" \/><input type=\"hidden\" name=\"source\" value=\"https:\/\/www.pymnts.com\/news\/regulation\/2026\/united-kingdom-makes-digitally-focused-updates-decades-old-credit-law\/\" \/><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"122\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\r\n\t<\/div>\r\n<\/div>\r\n<div id=\"article-paywall-hidden-content\">\r\n\t\n<p>The <a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/6a06f7505f39105e0848a32a\/HM_Treasury_-_Policy_statement_on_reform_of_the_Consumer_Credit_Act_1974.pdf\">changes<\/a> are designed to help consumers make wiser financial decisions by giving them clearer information when using credit cards, loans and overdrafts, the <a href=\"https:\/\/www.gov.uk\/government\/organisations\/hm-treasury\">U.K. Treasury<\/a> said in the release.<\/p>\n<p>\u201cPeople need to be able to make informed choices when applying for and using credit,\u201d <a href=\"https:\/\/www.gov.uk\/government\/people\/rachel-blake\">Rachel Blake<\/a>, economic secretary to the Treasury and city minister, said in the release. \u201cThe Consumer Credit Act was written for a different era. We are creating a flexible regime fit for the digital age.\u201d<\/p>\n<p>First passed in 1974, the act has been updated over the years, although many of its central tenets have not kept up with the rise of <a href=\"https:\/\/www.pymnts.com\/tag\/digital-transformation\/\">digital<\/a> financial products and services, according to the release.<\/p>\n<p>The Monday announcement is the first step in moving many of the act\u2019s requirements out of the legislation and into the <a href=\"https:\/\/www.fca.org.uk\/\">Financial Conduct Authority<\/a>\u2019s rulebook, making them easier to update, per the release. Regulations will be steered by consumer testing and kept under review as products and technology evolve.<\/p>\n<p>\u201cThis should mean that people using credit cards, loans, <a href=\"https:\/\/www.pymnts.com\/study\/credit-accessibility-series-overdrafts-financial-hardship\/\">overdrafts<\/a> or other borrowing products will benefit from clearer and better-timed information to help them understand their options and manage their finances with confidence,\u201d the release said.<\/p><div id=\"pymnt-684891270\" class=\"pymnt-content pymnt-entity-placement\" style=\"margin-top: 50px;\"><p style=\"text-align:center\">Advertisement: Scroll to Continue<\/p><script async type=\"text\/javascript\" id=\"dianomi_context_script\" src=\"https:\/\/www.dianomi.com\/js\/contextfeed.js\"><\/script> \r\n<div class=\"dianomi_context\" data-dianomi-context-id=\"4329\"><\/div><\/div>\n<p>The changes are also designed to give companies a \u201cmore flexible framework\u201d that lets them develop new products and use new technology to better serve their customers, according to the release.<\/p>\n<p>\u201cRather than working around rules designed for a world before smartphones and digital banking, businesses will operate under a regime that can adapt as the financial sector continues to innovate,\u201d the release said.<\/p>\n<p>Meanwhile, in the United States, <a href=\"https:\/\/www.pymnts.com\/study\/who-is-the-subprime-consumer-behavioral-profile\/\">subprime<\/a> consumers represent 17% of the adult population, or roughly 44 million people.<\/p>\n<p>This group\u2019s presence can be seen in the buy now, pay later (<a href=\"https:\/\/www.pymnts.com\/tag\/bnpl\/\">BNPL<\/a>) and healthcare spaces. <a href=\"https:\/\/www.pymnts.com\/consumer-insights\/2026\/who-is-the-subprime-consumer\/\">Subprime consumers<\/a> use BNPL at higher rates than the population at large but focus this usage on specific providers.<\/p>\n<p>Young subprime consumers also said they are <a href=\"https:\/\/www.pymnts.com\/study_posts\/healthcare-on-hold-why-1-in-4-gen-z-consumers-skip-the-doctor\/\">delaying care<\/a>, skipping prescriptions and borrowing from family or friends to manage healthcare costs. Tax refunds and one-time government payments perform a similar role. Subprime consumers tend to use these to manage bills, pay off debt or shore up household finances.<\/p>\n\r\n<\/div>\r\n<script>\r\n\twindow.pymntsAllowedArticleCount = 1;\r\n\twindow.pymntsPostID = 3745319;\r\n<\/script>","protected":false},"excerpt":{"rendered":"<p>Regulators in the United Kingdom said in a Monday (May 18) news release that they are ready to update the country\u2019s 52-year-old Consumer Credit Act. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content \u2014 no additional logins required. yesSubscribe to our daily newsletter, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3742954,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","pymnts_footnotes":""},"categories":[4028],"tags":[4279,4483,4480,9206,133069,5950,4675,5299],"class_list":["post-3745319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation","tag-credit","tag-government","tag-legislation","tag-news","tag-pymnts-news","tag-regulations","tag-uk","tag-whats-hot"],"acf":{"suggested_titles":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UK Makes Digitally-Focused Updates to Decades-Old Credit Law<\/title>\n<meta name=\"description\" content=\"Regulators in the U.K. are ready to update the country\u2019s 52-year-old Consumer Credit Act to help consumers make wiser financial decisions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pymnts.com\/news\/regulation\/2026\/united-kingdom-makes-digitally-focused-updates-decades-old-credit-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Makes Digitally-Focused Updates to Decades-Old Credit Law | PYMNTS.com\" \/>\n<meta property=\"og:description\" content=\"Regulators in the United Kingdom said in a Monday (May 18) news release that they are ready to update the country\u2019s 52-year-old Consumer Credit Act. 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