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Showing 1 - 10 of 95 matches filtered by 'Consumer credit'

  • Lenders told to support consumers struggling with the cost of living

    The FCA has sought to address the impact of the rising cost of living on consumers by writing to Chief Executives of over 3,500 lenders reminding them of the standards they are expected to uphold (the “Letter”). As consumers face increasing pressure, with the Institute of Fiscal Studies estimating that ...
  • Consumer Credit Act to be reformed

    The Government has announced that it is committing to reform the Consumer Credit Act 1974 (“CCA”), which regulates lending, including credit cards and personal loans. This reform is part of a drive to modernise legislation in this area, cutting costs for businesses and simplify rules for consumers. What is the ...
  • Regulation of Buy-Now Pay-Later products fast approaching

    HM Treasury has published the highly anticipated consultation paper (“CP”) setting out policy options to achieve a proportionate approach to regulation of buy-now-pay-later (“BNPL”) products. Earlier this year, HM Treasury announced its intention to bring interest-free BNPL products within the FCA’s perimeter after the Woolard Review highlighted the probable risk ...
  • 5 things to take away from the FCA’s Business Plan

    On 15 July, the FCA published its Business Plan and set out its key priorities for the year ahead. There is much talk about the FCA’s own internal transformation programme and how the organisation intends to become a forward-looking, proactive data-led regulator which is prepared to meet future disruption head ...
  • Consumer credit information sheets updated by FCA

    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 ...
  • Back to the drawing board for Amigo: FCA succeeds in challenging its proposed Scheme of Arrangement

    The Court (Mr Justice Miles) has refused to sanction a scheme of arrangement (the “Scheme”) between ALL Scheme Limited (the “Company”) and its creditors. The Company is an entity within the Amigo group of companies (the “Group”). The Group is the provider of “guarantor loans”, offering credit to those who ...
  • Default Notices for Consumer Credit Agreements: Have you made the changes?

    Firms are reminded that the required amendments to default notices must be made by 2 June 2021. The Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 (“Amending Regulations”) came into force on 2 December 2020 and the 6-month transitional period firms were granted to apply these changes ...
  • Consumer credit firms: changes to SECCI imminent

    As previously reported, consumer credit firms must make changes to their pre-contract consumer credit information forms. These changes are now imminent and must be made from 1 June 2021. Which firms are affected? Firms subject to regulations 8, 10 and 11 of the Consumer Credit (Disclosure of Information) Regulations 2010 ...
  • The FCA publishes further updated tailored support guidance for mortgage firms

    The FCA has published finalised tailored support guidance (TSG) for mortgage firms, setting out its expectations on repossessions from 1 April 2021. The regulator also published the Coronavirus linked forbearance: key findings from its review of mortgage and consumer credit firms’ implementation of its TSG and the operational readiness of ...
  • Government acts to bring Buy-Now-Pay-Later products within the regulatory framework

    Following the Woolard Review (“the Review”) earlier this year, HM Treasury announced plans to bring Buy-now-pay-later (“BNPL”) credit agreements into regulation. The Government has now brought forward legislation to this effect, taking the first step to bring these products within the regulatory fold. BNPL products Many BNPL credit agreements rely ...