Guy Stevenson

This Practice Note examines pre-contract disclosure in consumer credit agreements under the disclosure regulations made under section 55 of the Consumer Credit Act 1974 (CCA 1974), together with regulatory requirements encapsulated in Chapter 4 of the FCA’s Sourcebook on Consumer Credit (CONC 4).

This Practice Note examines the circumstances in which loans to employees or directors and employee share schemes may fall under the scope of the UK consumer credit regime, as well as the implications for a firm if its arrangements are not excluded.

This Practice Note examines the regulated activity of operating an electronic system in relation to consumer lending, including the main elements of operating an electronic system in relation to lending, the rules applicable to firms authorised to operate an electronic system in relation to lending and relevant exclusions from the regulated activity.

This Practice Note looks at the Financial Conduct Authority’s (FCA) Consumer Credit Sourcebook (CONC) chapter 5 (CONC 5) concerning rules and guidance on responsible lending requirements, including the requirement to conduct a creditworthiness assessment before entering into an agreement and conduct of business in relation to credit brokering.

This Practice Note examines the restrictions placed upon authorised firms when varying consumer credit agreements. It discusses the restrictions on varying consumer credit agreements, how a party to a regulated agreement can vary an agreement at its own discretion (unilateral), the relevant rules relating to modifying agreements and the practical issues that firms need to consider.