The following Financial Services Q&A provides comprehensive and up to date legal information covering:
There are several factors to consider when deciding whether or not a consumer credit agreement is regulated by the Consumer Credit Act 1974 (CCA 1974). CCA 1974, s 8(1) defines a consumer credit agreement as ‘an agreement between an individual (“the debtor”) and any other person (“the creditor”) by which the creditor provides the debtor with credit of any amount’. According to CCA 1974, s 8(3), a consumer credit agreement is a regulated credit agreement within the meaning of CCA 1974 if it is a regulated credit agreement for the purposes of Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544, Pt II, Chapter 1
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to a contract of insurance without the requisite regulatory permissionsThe
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.