Cardeo consulting with Government to reform 'cumbersome' Consumer Credit Act

Following the announcement of a Consumer Credit Act (CCA) consultation, Cardeo is urging the Government to put consumers at its heart by incorporating regulatory successes from the UK’s open banking sector in the reformation.

The CCA governs the regulation surrounding billions of credit card purchases, personal loans and consumer hire agreements made by UK consumers every year, but was written before the internet and no longer reflects how people access information.

HM Treasury itself describes the legislation as “cumbersome and disjointed” in the CCA consultation document.

By modernising the regulation, consumers will have the data to better understand their financial situation, make better informed borrowing and repayment decisions and take advantage of new and innovative solutions from fintechs.

Since inception, Cardeo has campaigned for reform to give a fairer deal to consumers by taking part in consultations and writing to the Government about the millions of pounds consumers are losing due to banks withholding their data.

Cardeo co-founder and chief executive, Gavin Shuker, commented:

“Freeing up customers' own data about their credit products should be the first step in dragging the Customer Credit Act into the digital age. We look forward to contributing to this vital consultation.

“We urge the Government to explicitly incorporate some of the regulatory successes from the UK's world-leading open banking sector in this reform. It is high time that they handed consumers control of their data and increased competition, to help break up monopolies, benefitting both consumers and the wider economy.”

Notes to the editor

1. Reforming the Consumer Credit Act 1974 Consultation

2. Banks costing customers millions by withholding data

3. Cardeo CEO and co-founder, Gavin Shuker is available for interview as required. Details below.

About Cardeo

1. Cardeo is a smart credit card management app that allows users to hold onto their cards yet save money. Users can manage their accounts in one place, set goals for repayments, and pay them back in the cheapest way, allowing them to get out of debt faster.

2. Cardeo uses open banking and is a proud graduate of Tech Nation Fintech 4.0, the Government backed scaleup programme.

3. To find out more, explore cardeo.com

4. Cardeo is registered with the Financial Conduct Authority for the provision of payment services (FRN 940438) and is authorised and regulated to carry out debt counselling, credit broking and credit lending services (FRN 964449).

5. Cardeo is a registered trademark of Cardeo Ltd, a company registered in England and Wales, number 12512807.

For further information

communications@cardeo.com