The FCA published a Discussion Paper last week setting out what provisions in the CCA 74

The FCA published a Discussion Paper last week setting out what provisions in the CCA 74 they recommend should be retained and which provisions they propose should be repealed or replaced with FCA rules.

In summary, the FCA recommended that provisions that require lenders and credit brokers to take proactive action such as issuing information notices or that prescribe the content and form of documents (e.g. credit agreements) can be replaced with FCA rules. However, the FCA recommend that CCA provisions that set sanctions such as making agreements void, imposing criminal liability for a breach or unenforceable without a court order should be retained because the FCA’s rule-making powers are restricted. The latter is particularly relevant where the firm in breach is not authorised as they would fall outside the scope of the FCA’s jurisdiction

Jourdain Tambo