The following Financial Services Q&A provides comprehensive and up to date legal information covering:
Regulation of consumer credit now sits with the Financial Conduct Authority (FCA). In consequence parts of the Consumer Credit Act 1974 (CCA 1974) were repealed from 1 April 2014 with regulated activities coming under the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO 2001).
Entering into a regulated credit agreement as lender is a specified (regulated) kind of activity unless it is an exempt agreement under articles 60C to 60H of the RAO 2001 (discussed below). Information of regulated activities and agreements can be found in Practice Notes: Regulated activities relating to consumer credit and What is credit and
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