Orrick, Herrington & Sutcliffe

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Orrick, Herrington & Sutcliffe
Orrick, Herrington & Sutcliffe
Contributions by Orrick, Herrington & Sutcliffe Experts

11

Consumer credit agreements—pre-contract requirements
Practice Note

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).

Consumer credit: rules relating to arrears, default and recovery
Practice Note

Firms carrying on a consumer credit-related activity must comply with the Financial Conduct Authority’s (FCA) Consumer Credit Sourcebook (CONC). Chapter 7 of CONC contains the relevant rules and guidance on arrears, default and recovery (including repossession). These rules set out the requirements with which lenders must comply in relation to how their businesses collect debts and manage borrowers in arrears and forbearance, including how they communicate and how they propose to assist borrowers in difficulty.

Consumer credit—loans to employees and directors and employee share schemes
Practice Note

This practice note examines the circumstances under which loans to employees may fall within the scope of the UK consumer credit regime; employee share schemes and the exemptions available; the implications for a firm if its arrangements fall within the scope of the UK consumer credit regime and are not exempt.

FCA authorisation rules relating to consumer credit firms
Practice Note

This Practice Note will provide an overview of the authorisation regime for consumer credit firms. It will also include details of the difference between the authorisation regime and the interim permission regime for consumer credit firms; the limited permission regime; threshold conditions; regulatory reporting requirements for consumer credit firms and an introduction on how firms should prepare for authorisation.

Operating an electronic system in relation to consumer lending
Practice Note

This Practice Note examines the regulated activity operating an electronic system in relation to consumer lending, including, the main elements of operating an electronic system in relation to lending, the meaning of business purpose when operating an electronic system, the relation to peer-to-peer lending and the rules applicable to firms authorised to operate an electronic system in relation to lending.

Passporting and consumer credit
Practice Note

This Practice Note examines the procedures firms authorised in other EEA Member States may be permitted to use in order to provide certain consumer credit services within the UK through by either exercising rights under CRD IV or MiFID II, exercising treaty rights under FSMA 2000, Sch 4, or providing services entirely at a distance by electronic means from an EEA Member State under the E-Commerce Directive.

Regulated activities for debt management firms and not-for-profit bodies
Practice Note

This Practice Note details the debt related regulated activities including debt adjusting, debt counselling, debt collecting and debt administration.

Regulated activities relating to the provision of credit information services and credit references
Practice Note

This Practice Note provides an overview of the regulated activities of providing credit information services and providing credit references under the Financial Services and Markets Act 2000 (FSMA 2000) and articles 89A and 89B of the Financial Services and Markets Act (Regulated Activities) Order 2001(RAO). It examines what constitutes these regulated activities and the consequences of failing to obtain authorisation to undertake such an activity.

Regulated activities—credit broker
Practice Note

This Practice Note provides an overview of the main elements of the regulated activity of credit broking under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 and Financial Conduct Authority’s consumer credit regime.

Responsible lending requirements—CONC 5
Practice Note

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, conduct of business in relation to credit brokering and P2P agreements and conduct of business in relation to affordability and creditworthiness.

Restrictions on varying or modifying consumer credit agreements
Practice Note

This practice note examines the restrictions placed upon authorised firms when varying consumer credit agreements. It will discuss the restrictions on varying consumer credit agreements, how can a party to a regulated agreement vary the agreement at its own discretion (unilateral), the relevant rules relating to modifying agreements, pre-contractual requirements and modifying agreement, and the practical issues do firms need to consider.

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