Compliance with Regulation
Our consumer credit expert Ian Norman has helped many lenders grapple with the Consumer Credit Act 1974 (“the Act”) and the plethora of regulations made under it (“the Regulations”), during the day-to-day operation of their businesses. He also has experience of dealing with over 2000 claims against financial services companies, involving the miss-selling of financial products to consumers and technical challenges to credit agreements.
Businesses that offer credit facilities to consumers in England and Wales are subjected to some of most complex and rigorous regulations in the world. Those regulations have changed numerous times over the last 20 years and it’s all changing again from April 2014, when the Financial Conduct Authority (FCA) takes responsibility for the regulation of consumer finance from the Office of Fair Trading (OFT).
Compliance with regulation when dealing with consumers is important for so many reasons. Failure to do so can result in a lender being punished by the regulator, or challenged by consumers through the courts, where in some cases the court can reduce or discharge any sum payable by the debtor to the creditor. This can lead to significant financial risk for lenders and leave their reputation tarnished.
Ian has proved invaluable to our lender clients by assisting them with:
- The drafting of their lending and security documentation;
- Compliance with the Act and Regulations during the life of the credit agreement;Issues that arise during enforcement of loans and securities;
- Technical challenges including Unfair Relationships and unenforceability claims; and
- Issues surrounding Payment Protection Insurance (PPI).
Leaving them to get on with running and growing their businesses, with confidence and peace of mind.
Are you a new lender looking to set up in business or an existing lender looking to grow your business and the range of credit products that you offer? If so, please contact Ian and find out how he and the lender services team at Lightfoots may be able to help you.