Q&As

Do you have any guidance on the regulation of consumer credit?

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Published on LexisPSL on 04/01/2016

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

  • Do you have any guidance on the regulation of consumer credit?
  • The regulation of consumer credit
  • Regulated activities and consumer credit agreements
  • The business test
  • Regulated mortgage contracts

Do you have any guidance on the regulation of consumer credit?

The regulation of consumer credit

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 In consequence, parts of the Consumer Credit Act 1974 (CCA 1974) were repealed from 1 April 2014 with regulated activities coming under the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Services and Markets Act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 (RAO 2001), SI 2001/544.

Regulated activities and consumer credit agreements

Entering into a regulated credit agreement as lender is a specified (regulated) kind of activity unless it is an exempt

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