The following Financial Services practice note Produced in partnership with Jacqui Hatfield of Orrick, Herrington & Sutcliffe provides comprehensive and up to date legal information covering:
For further discussion on the topics raised in this Practice Note, a statement of the regulatory requirements concerning default and enforcement under the Consumer Credit Act 1974, together with in-depth commentary see Goode: Consumer Credit Law and Practice > Division I Commentary > Part IC Consumer Credit Legislation > 45 Default and enforcement
Firms carrying on a consumer credit-related activity must comply with the Financial Conduct Authority’s (FCA) Consumer Credit Sourcebook (CONC). Chapter 7 of CONC contain the relevant rules and guidance on arrears, default and recovery (including repossession).
Broadly, these rules set out the requirements with which lenders must comply in relation to how their businesses collect debts and manage borrowers in arrears and forbearance, including how they communicate and how they propose to assist borrowers in difficulty.
CONC 7 applies to firms (unless otherwise stated) in respect to consumer lending, consumer hiring, debt collecting, and the operation of an electronic system in relation to lending, in relation to a borrower under a peer-to-peer (P2P) agreement. For an in-depth discussion on the application of CONC 7 see Goode: Consumer Credit Law and Practice > Division I Commentary > Part IC Consumer Credit Legislation > 45 Default and enforcement > III Policy of the FCA on enforcement > 1 Regulation mechanism [45.201].
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