Financial Services
The final period of implementation of the 2006 Consumer Credit Act introduced provisions, from 1 October 2008, which require lenders to provide borrowers with much more information on a regular basis about their accounts. This includes information such as an annual statement on fixed credit; additional information regarding minimum payments on running account credit agreements and notices when consumers fall into arrears or incur a default charge. This requirement was designed to tackle the lack of transparency on borrowers’ accounts which had been identified as one of the biggest areas of consumer detriment. Full details on these provisions, including links to the implementing Regulations and guidance on the new requirements can be found here. To read more about the Consumer Credit Act 2006, please click here. (Source: Direct Marketing Association - DMA) http://www.admar.co.ukhttp://www.admaronline.co.uk