FCA issue updated Information Sheets for Consumer Credit

The FCA have amended the Information Sheets required to be provided to consumer credit customers in certain circumstances. Essentially, consumer credit lenders are required to include a copy of the relevant information sheet when notifying a consumer that they are in arrears or default, in accordance with the provisions of the Consumer Credit Act 1974 (section 86A). These information sheets are intended to help consumers by telling them about their rights and responsibilities, and where they can get help. Lenders must use the information sheets published by the FCA rather than any previously provided by the Office of Fair Trading.

New versions of the information sheets do not become current until 3 months after they are published on FCA’s website and therefore firms must continue to use the current versions of the information sheets until 17 January 2017.