The document outlines regulatory changes from the Financial Conduct Authority that affect credit agreements and loan processes. In July 2014, lenders must limit unsuccessful payment attempts to two and prohibit part payments. In October 2014, lenders must limit rollovers to two and provide information about free debt advice. Lenders must also undertake creditworthiness assessments, periodically report data, and comply with new rules for communications and advertisements by April and July 2014.

1. 2014 April
July
October
Origination
Payment
Rollovers
Undertake an assessment of
the creditworthiness of the
customer before making a
credit agreement
• Limit the unsuccessful CPA
attempts to two
• Prohibit part payment
requests
• Limit the number of
rollovers to two
• Provide information about
the free debt advice
Reporting
Periodic reporting of
regulatory and product
sales data
How does it affect your origination process?
How does it change your payment system?
How does it affect your “loan cycle” process?
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proactive force for positive change
www.bsgdelivers.com // @bsguk
• FCA approval of nominated persons
in important roles
• Risk warning disclosure
• 1 April 2014 for electronic
communication
• 1 July 2014 for other
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