The Financial Conduct Authority’s is carrying out a review of the retained provisions of the Consumer Credit Act. The Finance and Leasing Association's views on the matter were expressed by Fiona Hoyle, Head of Consumer and Mortgage Finance:
“We welcome this long-awaited review of the remaining provisions of the Consumer Credit Act (CCA), and have already suggested to the FCA a list of out-dated provisions where changes are needed.
“For instance, the wording of statutory notices required to be sent to customers in financial difficulties is abrupt and not in keeping with modern customer service – and a long history of overly complex provisions have, on occasion, left customers and firms with no choice but to seek clarity through litigation.
“We welcome this long-awaited review of the remaining provisions of the Consumer Credit Act (CCA), and have already suggested to the FCA a list of out-dated provisions where changes are needed.
“For instance, the wording of statutory notices required to be sent to customers in financial difficulties is abrupt and not in keeping with modern customer service – and a long history of overly complex provisions have, on occasion, left customers and firms with no choice but to seek clarity through litigation.
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