From the 31st May 2016, the rules on advertising Interest Free Credit have changed. The FCA has stated that references to Interest Free Credit are no longer financial triggers.
WHAT DOES THIS MEAN FOR YOUR ADVERTS & PROMOTIONS?
You can state the words ‘Interest Free’ or use the figure ‘0%’ or include a monthly repayment figure without including a representative example.
In addition, you are no longer required to include a representative APR (e.g. 0% APR Representative).
Please note:
- You still have a responsibility to ensure that your interest free adverts are clear, fair and not misleading.
- You must continue to include all explanatory statements, your statutory statement, & a lender disclosure statement within promotions.
- You must also continue to specify any terms for the finance (e.g. deposit amounts, maximum & minimum loan amounts, etc.).
- RULES AROUND ALL OTHER FINANCE PRODUCTS (e.g. Buy Now Pay Later & Interest Bearing Credit) REMAIN UNCHANGED
Please contact you Business Development Manager for an updated copy of our Credit Promotions Guide (which includes mock adverts and web pages).
You can also email copies of your promotional materials to heather @ creditsolutionsgroup.co.uk if you would like guidance on compliance.