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Showing 1 - 10 of 71 matches filtered by 'Consumer credit'

  • FCA announces proposals to further support motor finance and high cost credit customers

    03/07/2020
    The FCA has today announced further proposals in the form of draft guidance (the Proposals) building upon the temporary financial relief already offered to users of motor finance and high cost credit products who continue to experience payment difficulties as a result of coronavirus, reported earlier this year. The Proposals ...
  • FCA announces proposals to further support consumer credit customers

    19/06/2020
    The FCA has today announced further proposals in the form of draft guidance (the Proposals) building upon the temporary financial relief already offered to consumer credit customers impacted by coronavirus, reported earlier this year. The Proposals will be applicable to credit card, other revolving credit (such as store card and ...
  • Coronavirus and customers in temporary financial difficulty: final guidance for insurance and premium finance firms

    15/05/2020
    The Financial Conduct Authority (“FCA”) has issued its final guidance (and accompanying feedback statement) for insurance and premium finance firms on the fair treatment of customers in temporary financial difficulty as a result of coronavirus. The guidance will come into force on 18th May 2020 and will be reviewed in ...
  • FCA confirms support for motor finance customers

    27/04/2020
    Further to the draft guidance published on 24th April 2020, the FCA has now issued its final guidance regarding support for customers of motor finance agreements, who are struggling financially as a result of the coronavirus pandemic. The FCA welcomed comments on the draft guidance by way of a short ...
  • Motor finance agreements and coronavirus - draft temporary guidance for firms

    17/04/2020
    On Friday 17th April, the Financial Conduct Authority (the “FCA”) issued draft guidance for regulated firms that provide regulated motor finance agreements, in light of the coronavirus pandemic and its effect on the finances of motor finance customers. Motor finance agreements in this context include hire purchase agreements, conditional sale ...
  • Right of withdrawal in consumer credit agreements: a mere cross-reference is not enough

    09/04/2020
    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 confirms temporary financial relief for customers impacted by coronavirus

    09/04/2020
    Today, the FCA confirms a package of targeted temporary measures to help borrowers with some of the most commonly used consumer credit products. The guidance (relating to personal loans and credit cards) has been produced following a short consultation. The initial proposals were detailed in our article last week, which ...
  • COVID-19: FCA proposes temporary financial relief for customers impacted by coronavirus

    03/04/2020
    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

    15/10/2019
    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

    08/10/2019
    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...