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FCA issues reminder to consumer credit firms about post-Brexit disclosure changes

FCA has issued a statement and published an updated webpage to remind firms subject to regulations 8, 10 and 11 of the Disclosure Regulations 2010 and the corresponding rules in the FCA Handbook of the changes they will have to make to pre-contract consumer credit information forms.

Specifically, from 1 June 2021 such firms will no longer be able to satisfy the pre-contractual information disclosure requirements  (under regulations 8, 10 and 11 of the Disclosure Regulations 2010 and CONC 2.7.2R(4)(a) – as applicable) using the Standard European Consumer Credit Information (SECCI) or European Consumer Credit Information forms as relevant.

Instead, from 1 June 2021 such firms will need to use the Pre-contract Consumer Credit Information (Overdrafts) or Pre-contract Consumer Credit Information forms.

If a firm fails to make these changes all affected credit agreements may only be enforceable against the debtor on an order of the court under the Consumer Credit Act 1974.

Duncan Scott