Consumer finance regulatory news, 28 May 2021

Contents

• Download the full regulatory news bulletin
• FCA consumer credit information sheets updated

FCA consumer credit information sheets updated

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:

• arrears;
• default;
• high-cost short-term loans;
• high-cost short-terms loans, peer-to-peer lenders; and
• arrears, peer-to-peer lending.

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.

Download the full regulatory news bulletin 

Authored by Yvonne Clapham