Fri 28 May 2021

Consumer Credit update: information sheets and SECCI updates

A quick CCA update on a couple of points:

You may have heard that the FCA has announced that the arrears and default information sheets are to be updated again following the previous update in July 2018.  They have been updated to provide more targeted and useful help to customers, and particularly those with mental wellbeing issues.  The new information sheets are effective from 25 October 2021.  Note that you must keep issuing the current versions right up to 24 October 2021 and only switch on the 'go live' date.  If you don't issue the correct version of the information sheet, then there is a risk that your default notice or NOSIA may be considered defective.

The new (and current) information sheets can be found on the FCA website here.

And just a quick reminder that the changes to the SECCI (now known as the "pre-contract credit information") following the UK's exit from the EU must be made by the end of May 2021.  Please see my previous article on this for the detail.  If you haven't managed to get round to making these changes, then please contact me without delay. 

John Lunn is our Head of Retail Banking and Consumer Finance, and is a recognised expert in Consumer Credit law and practice.  Please contact John if you have any questions on these changes.

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