New rules for credit broking fee charges
IMPORTANT NOTICE: The new rules ONLY apply to firms that charge fees for credit broking – therefore it does not apply to CCS retailers. The FCA has introduced new rules to protect consumers from fee-charging credit broking practices. From 2 January 2015 credit brokers will be banned from charging fees and from requesting repayment details […]
Consumer Credit Promotions: Representative APR vs Representative Example
The following information is for guidance only, it’s not legal advice. We strongly recommend that you read the Consumer Credit Advertising Regulations and speak to your local Trading Standards Office or consult with a qualified legal adviser before publishing a promotion. Consumer Credit Promotions Promoting credit is guaranteed to bring people into showrooms or generate […]
Consultation period ends on FCA’s approach to financial promotions in social media
Social media & financial promotions The consultation period on the FCA’s approach to social media ended on the 6th November. It followed the publication of guidance notes, intended to clarify the use and supervision of social media for promotions, in August and an invitation for people to comment. Clive Adamson, Director of Supervision at the […]
Court dismisses claim due to illegible credit agreement
A badly written credit agreement has resulted in a claim by a debt collection company being thrown out. Hillesden Securities brought the action against Harry Moore at Oxford County Court after their demand for full repayment of a debt was not met. His Honour Judge Charles Harris QC found that Hillesden Securities had not fulfilled […]
Misleading and aggressive sales practices: New rights for consumers
The Consumer Protection from Unfair Trading Regulations 2008 replaced many of the old consumer protection measures. The new legislation made it a criminal offence to use misleading or aggressive commercial practices. However, under the law consumers still had no right of redress against traders, and this has led to The Consumer Protection (Amendment) Regulations 2014 […]
Consumer Credit: FCA Approved Persons
What is an FCA Approved Person? Once you have completed your online FCA Authorisation Application you will then be prompted to submit an Approved Persons Application. You have to complete this additional application form. An ‘approved person’ is an individual who has been approved by the FCA to perform one or more controlled functions on […]
Mis-selling! Don’t be caught out by your advertising
There’s been a number of stories in the recent news about Green Deal providers and renewable energy companies that have fallen foul of advertising regulations. Mostly it’s because their claims for energy efficiency or financial savings haven’t been clear. Mis-selling can range from deliberately misleading advertising messages through to negligence and missing out key information […]
FCA find one in five consumer credit adverts are not compliant
Credit firms need to do more to ensure their adverts and promotions do not mislead potential customers, says the FCA. The organisation examined over 500 advertisements for a range of consumer credit products and found a number of examples where key information which should have been included in the advertisement was either missing or difficult […]
Why FCA regulation is actually good for your business…
by Andy Wallace | Managing Partner It’s fair to say the FCA’s take-over of consumer credit regulation on the 1st April has caused a few ripples across the industry. Change tends to cause apprehension, and many retailers are uncertain about what FCA regulation will actually mean for their businesses; will it be a drain on […]
CCS help Home Improvement & Renewables sectors navigate new FCA consumer credit regulations
PRESS RELEASE On the 1st April the Financial Conduct Authority (FCA) took over responsibility for regulating consumer credit activities from the Office of Fair Trading (OFT). The introduction of authorisation and more rigorous legislation presents both a challenge and opportunity for the home improvement industry. After quickly recognising the impact on businesses, Consumer Credit Solutions […]