Brexit: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before
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A consumer is a person acting outside the context of a trade, business or profession, but the definition takes different meanings depending on the context in which it is used. Therefore it is important to check the relevant law or regulation such as the Consumer Rights Act 2015 (CRA 2015), the Unfair Contract Terms Act 1977, the Sale of Goods Act 1979.
Regulated activities—credit brokerSTOP PRESS—Impact of the Retained EU Law (Revocation and Reform) Act 2023: This document contains references to retained EU law (REUL) and associated terms introduced by the European Union (Withdrawal) Act 2018 in connection with Brexit. From 1 January 2024, REUL
Consumer credit—loans to employees and directors and employee share schemesThe Consumer Credit Act 1974 (CCA 1974), the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Services and Markets Act 2000 (Regulated Activities Order) SI 2001/544 (RAO) will need to be considered by
FCA authorisation of consumer credit firmsBackground to the FCA consumer credit authorisation regimeSince 1 April 2014, the UK Financial Conduct Authority (FCA) has been responsible for regulating consumer credit firms in the UK. The FCA assumed responsibility for the regulation of consumer credit
Debt sale and purchase agreementsThe debt sale and purchase market is an important way for lenders and debt sellers to reduce balance sheet liability. It is often used as a way to obtain value for under-performing accounts, but sales take place in relation to all types of debt: regulated mortgages,