keep The Consumer Credit (Increase of Monetary Limits) (Amendment) Order 1998
Amends the Consumer Credit (Increase of Monetary Limits) Order 1983 by raising the monetary threshold from £15,000 to £25,000 for three specific provisions (sections 8(2), 15(1)(c) and 43(3)(a) of the Consumer Credit Act), effective 1 May 1998. This inflation-adjusted increase expands the range of consumer credit transactions exempt from certain regulatory requirements.
This amendment actually moves in the deregulatory direction sought by this review — by raising the threshold from £15,000 to £25,000, it reduces the scope of consumer credit regulation by excluding more transactions from certain regulatory requirements. It represents an inflation adjustment that acknowledges £15,000 in 1983 had substantially different real value. Critically, removing this would mean returning to a lower threshold, which would expand regulatory burden rather than reduce it. While the underlying Consumer Credit Act framework could be questioned on free-market grounds, this specific instrument is beneficial as it decreases regulatory scope.