FCA updated consumer credit information sheets - Thistle Initiatives

What has happened?

The FCA has published revised consumer credit information sheets on its webpage.

What do you need to do?

Section 86A of the Consumer Credit Act 1974 requires lenders to include a copy of the relevant information sheet when notifying a consumer that they are in arrears or default. The following sheets have been updated by the FCA to provide more targeted and useful help to customers, especially those with mental wellbeing issues;

• Arrears
• Default
• High-cost short-term loans
• High-cost short-term loans by peer-to-peer lenders
• Arrears in peer-to-peer lending

These will come into force on 25 October 2021. Firms must use the current (2018) versions of the sheets until 24 October 2021.

The sheets are available here.

How can we help you?

If you’d like to know more about how we can help you with your firm’s consumer credit arrangements or any other regulatory compliance issues, our expert team is here to help.

Contact us today on 0207 436 0630 or email info@thistleinitiatives.co.uk.