Reports, news and latest reforms relating to Consumer Credit. The Consumer Credit Directive aims to integrate consumer credit markets in the EU and ensure a high level of consumer protection by emphasising transparency and consumer rights.
Consumer credit regulation now with the FCA; CONC now in force.
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...
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...
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 ...
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 ...
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 ...
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