The not-so-fine print: making consumer contracts fair

How many of us read the terms and conditions of a contract before buying a financial product?Contracts hold the detail that shapes everyone's financial life, whether you're taking out a loan, insuring your holiday, or signing up for a crypto wallet.All firms are responsible for making sure that terms in their consumer contracts comply with the fairness and transparency requirements of the Consumer Rights Act (CRA) 2015. When those terms don’t comply, our Consumer Contracts team has powers to challenge firms directly.This work shows how we use the full range of powers Parliament has given us, not only those in financial services legislation, to tackle harm.Here's why it matters: if a term is found to be unfair, it's not just unenforceable – consumers may be due redress too. That's why it pays for firms to get this right from the start.We review contract terms identified through our supervision of firms, information on social media, and referrals from consumers and other external stakeholders. When we take action We consider our rules and guidance, including the Consumer Duty, when deciding whether to act and which of our regulatory tools to use. Where we raise concerns about the fai

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