NEWS...
OFT to Consult on Consumer Credit Guidance
In the coming weeks the OFT is scheduled to begin a public consultation on draft guidance surrounding the Consumer Credit Act.
The consultation is set to commence at the start of November on sections 77 to 79 of the Act and the regulator has already sent out a document to key stakeholders to seek their views.
This initial document covers the duty to provide the debtor wit a copy of the agreement and other supporting documents, when the duty does not apply and what sanctions there are for non-compliance.
As part of the consultation process, Tessera's Leigh Berkley will be meeting with the OFT to discuss the issue, along with their forthcoming paper on standard letters.
The review has taken place as the OFT seeks to reappraise its guidance in light of a recent claims case concerning the Royal Bank of Scotland and its customer, Phillip McGuffick. However, the OFT has been swift to state that it had no plans to change its interpretation of 'enforcement activity'.
Original article courtesy of Credit Today.
