An Introduction to Consumer Credit Regulation for Businesses Dealing with Consumers

Introduction

This new virtual classroom seminar will equip businesses with an understanding of their legal obligations under consumer credit regulations in English law, ensuring compliance and minimising regulatory risks.

It is ideal for those who work in businesses offering consumer credit, including lenders, debt purchasers, brokers and retailers providing finance options.

What You Will Learn

This live and interactive session will cover the following:

• Overview of consumer credit in English law
• Consumer Credit Act 1974 (CCA), as amended by the Consumer Credit Act 2006, and FCA regulations
• The role of the Financial Conduct Authority (FCA)
• The importance of compliance for businesses
• The scope of regulated activities
• Definition of consumer credit agreements under the CCA
• Types of agreements: regulated vs exempt
• Activities requiring FCA authorisation and recent FCA updates
• Business obligations under the CCA and FCA rules
• Pre-contractual requirements; contract terms; affordability assessments and responsible lending principles; post-contract obligations; vulnerable customers
• Debt purchasing and debt collection
• Regulatory requirements
• Debt collection practices - FCA’s CONC7 rules on fair treatment, forbearance and avoiding harassment
• Interaction with third-party debt collectors and ensuring compliance
• Enforcement and consequences of non-compliance
• FCA enforcement powers
• Consumer remedies
• Case studies of recent FCA enforcement actions

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.