Consumer Finance Agreement Health Check
Do you offer consumer credit or consumer hire? Protect your business from unexpected risk and costly mistakes when providing finance or goods on hire to consumers or small business customers.
Providing credit, cash loans or other forms of financial accommodation (including deferred payment terms), or hiring goods for more than three months to customers who are consumers or small unincorporated businesses or associations can be Consumer Credit Act and Financial Conduct Authority regulated business.
Our experienced team of consumer finance lawyers can advise you on what is and isn’t regulated consumer credit or consumer hire business and how to structure these types of arrangements - if it’s possible to operate outside of the regulatory perimeter or should that not be feasible, we can guide you on how to obtain authorisation from the Financial Conduct Authority and how to operate as a regulated firm. This often means navigating complex and evolving legal and regulatory requirements, which can be challenging, resource intensive and mistakes can be costly for your business.
How can we help?
Review and report on risk and our recommended revisions
We can provide assurance by carrying out a regulatory health check on your existing or proposed customer agreement, statutory notices and other customer documentation, sales and marketing journey (and if requested processes and procedures) for operating consumer credit and hire products. We assess compliance with the Consumer Credit Act 1974, requirements of the Financial Conduct Authority and Consumer Protection legislation based on your documentation provided to us and will provide you with a report on any significant issues and risks that we have identified for your review, together with our recommendations.
Update your customer agreement and documentation to help reduce risk
Based upon our regulatory health check findings we can make or support you with making any necessary changes to your customer agreement, statutory notices and other customer documentation. By the end of the process you’ll have a new set of compliant and simply worded customer agreements, statutory notices and documentation based on your original set and importantly peace of mind.
Ready to find out more?
Our dedicated team are on hand to assist with any of your queries. Fill in the form to learn more about how you could benefit from this service or contact Louise Neave directly via the details below.