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

HM Treasury publishes first formal performance review meetings with PRA and FCA

HM Treasury has published minutes of the first formal performance review meetings between the Economic Secretary to the Treasury, Emma Reynolds, and the chief executives of the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), held on 17 July 2025 and 21 July 2025 respectively. The meetings follow the Chancellor's Regulation Action Plan commitment in March 2025 to formalise performance reviews of regulators by their sponsoring government departments. The reviews covered the regulators' performance against statutory objectives and government economic policy, including progress on secondary international competitiveness and growth objectives, the government's target to reduce administrative costs for businesses by 25% by the end of Parliament, and implementation of the Leeds Reforms including the new joint Scale-Up Unit.

EBA report finds anti-money laundering and countering the financing of terrorism supervision of banks improving across EU/ EEA Member States

The European Banking Authority (EBA) has published its final report summarising the actions taken by all 40 competent authorities in response to its findings and recommendations on anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in banks. The report finds that most authorities have made significant progress in adopting a risk-based approach, developing strategies, implementing targeted supervisory plans, and enhancing cooperation at both national and international levels. It highlights that many authorities have aligned their national practices with EBA standards, improving the consistency and effectiveness of AML/CFT supervision and using supervisory tools more strategically. However, some work remains to address outstanding recommendations.

Financial Services weekly highlights—9 October 2025

This week's edition of Financial Services weekly highlights includes: FCA publishes CP25/27 Motor Finance Consumer Redress Scheme; ESMA widens supervisory reach for 2026; G7 Cyber Expert Group publishes statement on AI cybersecurity risks for financial sector; plus dates for your diary over the coming week.

FSB publishes progress report on G20 Roadmap for cross-border payments

The Financial Stability Board (FSB) has published its consolidated progress report for 2025, outlining actions taken under the G20 Roadmap for Enhancing Cross-border Payments. The report, developed in collaboration with the Bank for International Settlements Committee on Payments and Market Infrastructures (CPMI) and other partner organisations, integrates annual updates with key performance indicators (KPIs) to support more effective monitoring.

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