Tag Archives: Consumer Credit

FCA issues outcome of high cost credit review and seeks feedback on proposals for new rules and guidance for overdrafts and high cost credit

The Financial Conduct Authority (FCA) has issued a press release setting out the outcome of its high-cost credit review (HCCR) together with new proposals on rules and guidance designed to protect consumers that use overdrafts and high-cost credit (the Proposals). 

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Filed under Announcements, Consultations, FCA, Herbert Smith Freehills, Regulatory Reform, Sector Updates by Herbert Smith Freehills

Can one contract into the Consumer Credit Act 1974?

The Consumer Credit Act 1974 From 1998 to 2008 the Consumer Credit Act 1974 only applied to agreements to lend consumers less than £25,000. The financial limit was removed completely in 2008. Over the period 1998-2015, however, some lenders did … Continue reading

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Filed under Banking, UK Regulations, Uncategorized

UK OFT publishes guidance on its power to suspend consumer credit licences

The OFT has published guidance on how and when it will use its new power to suspend consumer credit licences.  Section 108 of the Financial Services Act 2012 amends the Consumer Credit Act 1974 by adding new sections 32A (mechanics of the new … Continue reading

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Filed under UK, UK Legislation

ECJ considers scope of domestic transposition of maximum harmonisation Directive on consumer credit agreements

On 12 July 2012, the European Court of Justice (ECJ) gave judgment in Case C-602/10 SC Volksbank România SA v Autoritatea Naţională pentru Protecţia Consumatorilor − Comisariatul Județean pentru Protecția Consumatorilor Călărași (CJPC) which relates to the directive on consumer credit agreements – Directive 2008/48/EC (the Directive).    The case provides some useful guidance … Continue reading

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Filed under EU, Europe, JURISDICTIONS