The Consumer Credit Act 1974 is a consumer protection law in the UK. Until 6th April 2008, it required certain businesses to obtain Consumer credit licences and protected individuals receiving credit up to £25,000. After that date, new agreements for credit in excess of £25,000 are also protected as a result of amendments made by the Consumer Credit Act 2006. Appeals under the Consumer Credit Act are made to the Office of Fair Trading. Mortgages of land are regulated by the Financial Services and Markets Act 2000.
Cancellable agreements have a cooling-off period starting on the day the customer signs. This period is 14 days for goods bought from a mail-order catalogue. Otherwise, it is five days from the day the customer receives either a second copy of the agreement or a separate copy of a notice of cancellation rights.
Consumer credit licences are issued by the Office of Fair Trading. It is a criminal offence to offer credit services without a licence; penalties include a fixed fine and imprisonment.