Limitation Act 1980: Primary legislation governing time limits within which creditors must take legal action to recover debts. Generally sets a 6-year limitation period for most debts.
Consumer Credit Act 1974: Regulates consumer credit agreements and provides consumer protections in credit transactions, including requirements for information disclosure and unfair relationships.
Financial Services and Markets Act 2000: Framework legislation for financial services regulation in the UK, establishing regulatory authorities and their powers.
Late Payment of Commercial Debts (Interest) Act 1998: Legislation allowing businesses to claim interest on late payments from other businesses, setting statutory interest rates for commercial debts.
FCA Regulations: Regulatory framework established by the Financial Conduct Authority, providing rules and guidance for financial services firms including debt collectors.
Consumer Protection from Unfair Trading Regulations 2008: Prohibits unfair commercial practices between traders and consumers, including misleading actions or aggressive practices in debt collection.
Consumer Rights Act 2015: Consolidates consumer rights and protections, including fair treatment and transparency requirements in consumer transactions.
CONC 7: Section of the FCA Handbook specifically dealing with debt collection practices, setting out rules and guidance for firms collecting debts.
Pre-Action Protocol for Debt Claims: Court procedure rules that must be followed before starting court proceedings for debt recovery, including requirements for information exchange.
Data Protection Act 2018: UK's implementation of data protection requirements, including UK GDPR, governing how personal information must be handled in debt collection.
Credit Services Association Code of Practice: Industry standards and best practices for debt collection agencies, providing guidance on ethical and professional conduct.
Financial Ombudsman Service Guidelines: Guidelines from the independent body that handles complaints between consumers and financial services firms, including debt collection practices.
