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FCA Consultation paper on creditworthiness - by 31 October

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  • FCA Consultation paper on creditworthiness - by 31 October

    1. Feedback statement on high-cost credit market
    2. Infographic – FCA regulation of high-cost short-term credit (PDF)
    3. Consultation paper on creditworthiness
    4. Webpage on motor finance
    5. The FCA requests responses to the creditworthiness consultation by 31 October 2017
    6. The requirement to assess creditworthiness applies to all consumer credit firms (including those involved in payday and logbook loans, retailers, motor dealers selling finance products and pawnbrokers). The amount of credit and the risks to the borrower are likely to be relevant factors in deciding on the extent and scope of an assessment. Firms should take a common sense approach and decide what is appropriate and proportionate in the circumstances.
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  • #2
    Re: FCA Consultation paper on creditworthiness - by 31 October

    Q1: Do you agree with our proposed changes to the scope of the creditworthiness rules and proposed transitional arrangements?
    Q2: Do you agree with our approach to the meaning of affordability and the factors that should be taken into account by firms?
    Q3: Do you agree with our proposals on the use of income and expenditure information?
    Q4: Do you agree with the factors which we propose that firms should have regard to when considering proportionality of processes for assessing creditworthiness including affordability?
    Q5: Do you agree with our proposals for open-end and running-account credit, guarantor loans and peer-to-peer loans?
    Q6: Do you have any views on our proposals in relation to firms’ policies and procedures for creditworthiness assessment?
    Q7: Do you have any views on the use of CRA data and products, or other data sources, as part of an assessment?
    Q8: Do you have any other comments on our proposed changes to CONC in relation to creditworthiness including affordability?
    Q9: Do you agree with our assessment of the costs and benefits of the proposed changes?
    Q10: Do you have any comments on the equality and diversity implications or other aspects of our proposals?
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps

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