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Showing 31 - 40 of 95 matches filtered by 'Consumer credit'

  • Right of withdrawal in consumer credit agreements: a mere cross-reference is not enough

    In 2012, a consumer entered into a credit agreement with the bank Kreissparkasse Saarlouis. The credit agreement granted the borrower a right of withdrawal of 14 days and furthermore stated that this period would only start after (i) the conclusion of the credit agreement but not before (ii) the borrower ...
  • COVID-19: FCA proposes temporary financial relief for customers impacted by coronavirus

    The FCA has proposed a range of targeted temporary measures designed as a stop gap to support users of certain consumer credit products who are impacted financially by the circumstances arising from coronavirus (Covid-19). The package also includes two sets of draft guidance relating to: Personal loans; and Credit cards ...
  • FCA consulting on discretionary commission models and disclosure in motor finance

    Following the publication in March this year of the findings from its review of the motor finance sector, the FCA has today opened a consultation on plans to: implement a ban on discretionary commission arrangements in the motor finance sector; and update the commission disclosure requirements in the Consumer Credit Sourcebook (“CONC”), part of the FCA handbook, for all providers of consumer...
  • FCA publish rules in relation to Overdraft Pricing and Competition Remedies

    As part of its review into high-cost credit, the FCA has published new rules designed to simplify and improve transparency of overdraft pricing. The rules, coming into force on 6 April 2020,  require firms to publish a range of overdraft pricing details – with a view to increasing consumers’ awareness of firms’ overdraft charging structures. Firms will be under an obligation to publicise, on a quarterly...
  • FCA publishes final report on its review of the retained provision of Consumer Credit Act 1974

    Background The Financial Conduct Authority (FCA) has published its long awaited final report (the Report) on the retained provisions of the Consumer Credit Act 1974 (CCA). Responsibility for consumer credit regulation was transferred from the OFT to the FCA from 1 April 2014. Most CCA provisions were retained, but some ...
  • Consumer credit and the FCA: credit card fees and charges – an update for firms

    The FCA has issued a letter to firms outlining its findings of a review on credit card fees and charges with a view to firms taking steps to improve customer outcomes in relation to the application of fees and mitigating against harm, particularly for those in financial difficulty. This comes ...
  • Final FCA rules for the rent to own sector confirm benchmarking and price caps to apply from April 2019

    On 5 March 2019 the FCA published its Policy Statement and finalised rules on rent to own ('RTO’) products and alternatives to high cost credit, taking account of the feedback received on its earlier consultation paper on this subject. We reported on the consultation paper and the proposed new rules ...
  • The FCA agenda on high cost credit and rent to own: an update

    The FCA’s appetite for change in the high-cost credit market shows little sign of abating with its latest set of proposals. With reports earlier this year that over three million consumers are utilising high cost credit, the FCA acknowledges that the task of regulating consumer credit is one of the ...
  • FCA releases Consultation Papers as part of High Cost Credit Review

    As part of an on-going process of reviewing high-cost credit products, the FCA recently published two consultation papers focusing on: rent-to-own, home-collected credit, catalogue credit and store cards and alternatives to high-cost credit; and overdrafts. The consultation papers follow on from action taken by the FCA to address perceived issues ...
  • FCA sets out future approach to regulating for consumers

    The FCA published a paper[1] outlining its approach to regulating for retail consumers. This follows on from the publication of Our Mission[2] in April 2017. This new paper will be the first in a series that outlines the FCA’s approach[3] to regulation in more depth. The FCA's approach was shaped ...