UK Parliament approves de-regulation of instalment credit
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."