The Financial Conduct Authority (FCA) has emphasised that one of the main principles underpinning the consumer credit rules is to ensure that consumers are treated fairly. This includes ensuring a customer is provided with full pre-contract disclosure that complies with Chapter 4 of the Consumer Credit Sourcebook (CONC).This Practice Note examines pre-contract disclosure in consumer credit agreements, under the requirements of the Consumer Credit (Disclosure of Information) Regulations 2010 (SI 2010/1013) (amended by the Consumer Credit (Amendment) Regulations 2010 (SI 2010/1969) (the Disclosure Regulations) which implement the requirements of the Consumer Credit Directive (CCD) into UK law together with regulatory requirements encapsulated in Chapter 4 of the Financial Conduct Authority Sourcebook on Consumer Credit (CONC 4).
This Practice Note seeks to explain the types of agreements which will be exempt agreements under the FCA consumer credit regimes. Entering into these exempt agreements will exempt a lender from carrying out the activity of entering into a regulated credit agreement as lender. Some other regulated activities relating to consumer credit agreements may also be exempt if relating to these types of agreements. However, these are dealt with separately in other Practice Notes.
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