Unfair contract terms in financial services

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Introducing unfair contract terms in financial services

This overview is a guide to the Lexis+® UK Financial Services content within the Unfair contract terms subtopic, with links to the appropriate materials.

The financial services sector—unfair contract terms and consumer protection

Consumer protection legislation applies to businesses generally and to the regulated financial services sector. The Practice Note: Consumer Rights Act 2015—the FCA and unfair terms in financial services consumer contracts considers the obligations for firms authorised by the Financial Conduct Authority (FCA) under Financial Services and Markets Act 2000 (FSMA 2000) to comply with one of the pillars of consumer protection legislation, the Consumer Rights Act 2015 (CRA 2015). In addition to these legislative requirements, firms must also comply with the FCA’s regulatory rules, the Unfair Contract Terms and Consumer Notices Regulatory Guide (UNFCOG) in the FCA’s Handbook, and take note of non-Handbook guidance relevant to unfair contract terms.

The FCA has enforcement powers under the CRA 2015 and the UTCCRs to challenge firms about the fairness and/or transparency of contractual terms and notices in financial services consumer contracts (whether in standard form

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Latest Financial Services News

BoE publishes design notes on offline payments, alias service and digital pound update

The Bank of England (BoE) has published two design notes and a progress update as part of its work on the digital pound. The design notes cover offline payments and alias services, while the update outlines recent developments in the digital pound blueprint.

PSR and FCA publish joint response to HMT consultation on consolidating payment systems regulation

The Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) have jointly published their response to HM Treasury’s (HMT) consultation on consolidating the PSR’s functions into the FCA’s legislative framework. The regulators support the move, stating it will enhance regulatory coherence, streamline oversight and better serve the UK’s payments ecosystem.

OFSI issues General Licence INT/2025/7628424

The Office of Financial Sanctions Implementation (OFSI) has issued General Licence INT/2025/7628424 under regulation 40 of the Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019, SI 2019/461. The licence allows Designated Persons (DPs), or those acting on their behalf, to make payments relating to remuneration, allowances and contractual or statutory redundancy payments for UK employees and directors. It also permits payments for employee pensions, fees and costs associated with the provision of IT services and fees or costs for UK chartered or certified accountancy services.

Financial Services—other developments (24/10/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

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