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Consumer credit information sheets updated by FCA

United KingdomScotland
03/06/2021
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The FCA has published revised consumer credit information sheets on its webpage. In accordance with section 86A of the Consumer Credit Act 1974, lenders are required to include a copy of the relevant information sheet when notifying a consumer that they are in arrears or default.

The sheets have been updated to provide more targeted and useful help to customers, especially those with mental wellbeing issues. The following information sheets have been revised:

  • Arrears.
  • Default.
  • High-cost short-term loans.
  • High-cost short-terms loans, peer-to-peer lenders.
  • Arrears, peer-to-peer lending.

These will come into force on 25 October 2021 in accordance with section 86A(7) of the Act which states that new versions of these sheets take effect three months after publication. Firms must use the current versions, published in 2018, of the information sheets until 24 October 2021.

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