UK Parliament approves de-regulation of instalment credit

By Lesley Byrne, Director, Regulatory Monitoring

26 February 2015

The UK Parliament has approved a statutory instrument to de-regulate instalment credit, after successful lobbying by ICAS and other professional bodies.

The de-regulation will be effective from 18 March and applies to instalment credit where there are 12 or less payments in a 12-month period and there is no interest charged. Instalment credit attracting interest will continue to be regulated.

Lesley Byrne, ICAS Director of Regulatory Monitoring said: "This is good news for many of our accountancy firms, whose only previous involvement in consumer credit was offering clients the ability to pay fees by monthly instalment."

Read the statutory instrument

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