Recent regulatory developments of interest to financial institutions with focus on consumer finance. See also our Related Materials links for updates with broader application.
The UK Financial Conduct Authority (FCA) has updated its webpage on consumer credit information sheets to announce the publication of revised information sheets relating to:
Under section 86A of the Consumer Credit Act 1974, lenders are required to include a copy of the relevant information sheet when notifying a consumer that they are in arrears or default. The FCA has updated these sheets to provide more targeted and useful help to customers, particularly those with mental wellbeing issues.
Firms must use the new versions of the information sheets from 25 October 2021, in line with the requirement in section 86A(7) that new versions of these sheets take effect three months after publication. Until then, current versions of the information sheets, which were published in 2018, must be used – these are available on the same webpage.
Authored by Yvonne Clapham
Download the full bulletin of regulatory news for financial institutions, 28 May 2021
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