The following Financial Services guidance note provides comprehensive and up to date legal information covering:
This year’s annual round-up reviews some of the most significant consumer finance developments of 2017 and previews what is on the horizon for 2018 relating to consumer finance. This includes the Financial Conduct Authority’s (FCA) activities in relation to consumer credit debt and arrears management. Also included are updates on LexisNexis®’s content, including news of exciting developments from the past year and what is coming up in the next 12 months.
In January 2017, the FCA updated the information sheets that lenders must attach when notifying consumers that they are in arrears or default. The new versions became operative on 14 April 2017.
Also in January 2017, the FCA issued finalised guidance FG 17/1 Guarantor loans: default notices to consumer credit firms on its interpretation of the requirement in section 87 of the Consumer Credit Act 1974 (CCA 1974) to serve a default notice before the creditor or owner enforces a guarantee or indemnity following breach of a regulated agreement.
In April 2017, the FCA published consultation paper CP17/10: Consultation on persistent debt and earlier intervention remedies which followed from its July 2016 Credit card market study final report: MS14/6.
In October 2017, the FCA announced it was undertaking a thematic review of the debt management sector, in line with the
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