Overview of UK implementation of the Consumer Credit Directive
Produced in partnership with Sam Millar of DLA Piper and Tony Katz of DLA Piper

The following Financial Services practice note produced in partnership with Sam Millar of DLA Piper and Tony Katz of DLA Piper provides comprehensive and up to date legal information covering:

  • Overview of UK implementation of the Consumer Credit Directive
  • Introduction
  • Scope of the Consumer Credit Directive
  • UK implementation of the Consumer Credit Directive
  • Key changes made by the Consumer Credit Directive
  • Provision of pre-contractual information
  • Adequate explanations
  • Assessment of creditworthiness
  • Right of withdrawal
  • Partial repayment rights
  • More...

Overview of UK implementation of the Consumer Credit Directive

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.

Introduction

Directive 2008/48/EC on credit agreements for consumers (Consumer Credit Directive) was adopted by the European Parliament on 23 April 2008 and EU Member States were required to transpose it into national law before 12 June 2010.

The key purpose of the Consumer Credit Directive was 'to offer a high degree of consumer protection and thus to boost consumer confidence, enable free movement of credit across borders and remedy distortions of competition arising from differences in national laws regarding consumer credit'.

On 15 November 2011, Directive 2011/90/EU amending Part II of Annex I to the Consumer Credit Directive was published in the Official Journal of the European Union (OJ). Directive 2011/90/EU provides additional assumptions for the calculation of the annual percentage rate of charge (APR). EU Member States were required to bring into force the provisions of Directive 2011/90/EU by 31 December 2012.

The Consumer Credit Directive was

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