15th May 2015

BBA response to FCA CP15/6 Consumer Credit proposed Changes

The BBA has responded to the FCA’s consultation on changes to the Consumer Credit rules and guidance (CP15/6). Whilst we are broadly supportive of the proposals, areas of clarification and explanation of the intentions have been sought in a number of areas.  We do not believe that rules around Guarantors Loans should extend to corporate guarantors (including the Government Professional and career Development Loans) or employer guaranteed loans.  We have also raised concerns on the expectations of pre-contractual explanations and creditworthiness assessment of guarantors.

Our full response is available via the link below.

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