The FCA published its finalised guidance on the fairness of variation terms in financial services consumer contracts under the CRA.
On 19 December 2018, the FCA published its finalised guidance on the fairness of variation terms in financial services consumer contracts under the Consumer Rights Act 2015 (“CRA”).
The guidance, which followed a consultation paper published in May 2018, had been highly awaited by the financial services industry. Firstly, due to the delay since the FCA had last issued any guidance on the subject of unfair terms (the last having been issued in January 2012 but subsequently withdrawn in March 2015).
Secondly, due to the fact that it is the first guidance on the subject since the coming into force of the CRA (which replaced the Unfair Terms in Consumer Contracts Regulations 1999 –“UTCCRs”).
But what's new? What changed from the Consultation Paper? What's next?
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For more information contact:
Kennedy Masterton-Smith - Director, Legal Services
Simone Taylor - Senior Manager, Legal Services