Since the amendment of the Consumer Credit Act in 2016, London Compliance Solutions has been busy organising and supporting client’s activities to ensure complete compliance across the board. This ensures smooth transitions from interim permissions to achieving full Consumer Credit licenses as well as making sure that overlapping legislation (Financial Services & Markets Act 2000 and various EU directives and legislations) is adhered to.
Why is Consumer Credit So Important?
Failing to meet Consumer Credit guidelines has landed many companies in trouble over the years. The regulation provides that there are set requirements a company must conform to when processing and advertising credit agreements.
These include (but are not limited to);
- Information that must be provided to your customers before they enter into any type of credit agreement.
- How a credit agreement is structured and what it should contain.
- How a company sets its APR (Annual Percentage Rate) and the method in which it does this.
- How a company is to act in the event of a default, termination or in the event a customer settles the balance early.
- How a company advertises products with credit agreements.
- Protections a company should put in place around credit card purchases.
London Compliance Solutions: Consumer Credit
As you can see, there are many prongs to the Consumer Credit fork and this can make it a complex bit of legislation to get to grips with. Our simplified approach works with your firm to provide a solution that is flexible and integrates with your business model. We have secured numerous Consumer Credit licenses for a wide range of Consumer Credit firms in the UK as well as assisted them where regulatory change has occurred.
We excel at creating bespoke Consumer Credit solutions for our clients and we are always eager to discuss Consumer Credit if you have any questions.
Do this by getting in contact today and finding out how we can assist you with your Consumer Credit at an affordable rate.