Q&As

Can a firm prepare a private mortgage deed for individual clients without Financial Conduct Authority authorisation, and if so, will the agreement be a consumer credit agreement that must comply with the Consumer Credit Act 1974 requirements to be valid?

read titleRead full title
Published on LexisPSL on 04/07/2017

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Can a firm prepare a private mortgage deed for individual clients without Financial Conduct Authority authorisation, and if so, will the agreement be a consumer credit agreement that must comply with the Consumer Credit Act 1974 requirements to be valid?
  • The regulation of consumer credit
  • Regulated Activities and Consumer Credit Agreements
  • Exempt agreements under the RAO
  • Regulated mortgage contracts

Can a firm prepare a private mortgage deed for individual clients without Financial Conduct Authority authorisation, and if so, will the agreement be a consumer credit agreement that must comply with the Consumer Credit Act 1974 requirements to be valid?

Can firms prepare a private mortgage deed, confirming terms agreed between the parties direct, for individual clients without a licence from the Financial Conduct Authority (FCA) when this work is incidental to the main retainer for that particular client?:

  1. if so, will the agreement be a consumer credit agreement that must comply with Consumer Credit Act 1974 (CCA 1974) requirements to be valid?

Where a firm acts for a client in a transaction it must decide if the FCA consumer credit regime applies, and if it does, whether an exemption is available (see below). Whether a transaction falls within the consumer credit regime will depend on the individual facts in each case.

The regulation of consumer credit

Regulation of consumer credit sits with the FCA. Parts of CCA 1974 were

Related documents:

Popular documents