Consumer Credit Act

The course will offer a highly practical introduction for financial services staff to the new Consumer Credit Act 2006. The original Consumer Credit Act was introduced in 1974 to regulate the provision of credit in the UK and to protect the rights of consumers using credit to purchase or hire goods and services. It has now been amended by the Consumer Credit Act 2006. This is the Government's response to a perceived need to update the law to reflect the extensive changes to the consumer credit industry since the original Act was introduced.

Who is it aimed at:

The course is designed for all levels of staff involved in the sales or administration of CCA regulated credit or hire agreements.

What it covers:

• Understand the purposes of the Consumer Credit Act 2006
• Know the main goals of the Consumer Credit Act 2006
• Understand the background to the Consumer Credit Act 2006
• Know the scope of the 2006 Act
• Know what should be included in a regulated credit agreement
• Know the rules in relation to cancellable agreements
• Understand the pre and post contract customer information requirements of the Act including arrears
• Understand the rules in relation to early settlement of agreements
• Understand the rules in relation to customer default
• Understand the rules in relation to advertising credit including the form and content of advertisements
• Be aware of the unfair relationships test and to what this applies
• Be aware of the penalties for breaches of the Act including the powers of the OFT to impose civil penalties
• Understand the role of the Financial Ombudsman Service in dispute resolution
• Be aware of the key dates for the implementation of the Act

Length:

The course should take 45 mins to complete.

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