Consumer Credit (Agreements) Regulations 2010
What this means for your business
- Enforced by
- FCA
- Applies to
- United Kingdom
- On this page
- 3 compliance obligations, 2 practical guides
What you must do
3 compliance obligations under this legislation.
Management duties 2
Include required statements and signatures in credit agreement modifications
Whenever you change a regulated consumer credit agreement, you must clearly state in the new document which pieces of information are unchanged. That statement has to be in the agreement that the customer signs (except for authorised overdraft agreements, where a signature isn’t required). You also need to use the date of the modifying agreement when you work out the new repayment amount, total charge and APR.
Provide required information in regulated consumer credit agreements
If your business offers a regulated consumer credit agreement, you must make sure the written agreement contains all the information set out in Schedule 1 (and the relevant protection statements from Schedule 2), presented in a clear, concise, legible and colour‑contrasting format. You also need to include details of any security the borrower provides. This information must be in the document before it is signed by the borrower.
Record keeping 1
Include required information and notice on pawn receipts
If you take an item as pawn under a regulated consumer credit agreement, the pawn‑receipt you give must contain the specific information set out in Schedule 1 (paragraphs 1, 2 and 22) and the notice shown in Schedule 3. This means your receipt must include those details at the moment you issue it.
Practical guidance
Our guides explain how to comply with the requirements above.
Meet pre-contract disclosure requirements for credit
How to provide the required pre-contract information to borrowers before entering a consumer credit agreement. Covers the SECCI form, adequate …
Hire purchase and conditional sale agreements
How hire purchase and conditional sale agreements work under UK consumer credit law. Covers title retention, the one-third rule for …
Sections and provisions
8 classified provisions from this legislation.