Consumer credit—essentials
Consumer credit—essentials

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Consumer credit—essentials
  • The FCA consumer credit regime
  • Authorisation of consumer credit firms by the FCA
  • Legislative and other resources for consumer credit
  • The Consumer Credit Directive
  • The Consumer Credit Act 2006
  • Table of destinations and origins
  • CCA 1974 Retained and repealed legislation and the FCA’s review of the retained CCA 1974 provisions
  • CCA 1974 repealed legislation
  • CCA 1974 retained legislation
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

The FCA consumer credit regime

On 1 April 2014, the Financial Conduct Authority (FCA) assumed responsibility for consumer credit regulation from the Office of Fair Trading (OFT) (which ceased to exist). The FCA became the conduct supervisor for all regulated firms across the consumer credit sector, including (but not limited to), consumer lending, credit card issuers, debt management, credit brokerage, credit referencing, hire purchase firms, banks, financial advisers, pawnbrokers, mail order companies, debt collectors and payday loan lenders. The change in the regulator resulted in all firms previously licensed by the OFT, entering into a regulatory regime through which they were required to become authorised by the FCA or, if they were already authorised by the FCA, to vary their permission to cover the consumer credit related activities that they performed. OFT licenses lapsed, and all firms were required to obtain authorisation either by: (i) following the correct 'interim registration' procedure and becoming

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