FCA Regulation roundup – Consumer Credit
First undertaking received from consumer credit firm under Consumer Rights Act 2015 (CRA) and Unfair Terms in Consumer Contracts Regulations 1999 (UTCCRs)
The FCA have published an undertaking from Capital Financial Management Limited about the consumer cancellation terms in its debt management contract. There were concerns that two terms gave the firm sole discretion in respect of the costs it could charge if consumers cancelled the contract. Another term was not clear what notice period consumers had to give to cancel. The firm was fully cooperative in resolving the FCA’s concerns. The FCA reminds all firms to ensure their contracts comply with requirements for fairness and transparency under the UTCCRs and the CRA. Read further information about other publications.
Digital Regulatory Reporting
The FCA will be hosting an industry open day on 5 July to present the next phase of work on Digital Regulatory Reporting, with presentations beginning at 1pm. To register your interest, please email firstname.lastname@example.org the subject ‘DRR Open Day’ or visit the website for more information.
Find out more on the FCA website here.