Asset Finance: CCA Information Sheets Updated from 24 October 2021

The FCA has published revised consumer credit information sheets, the first update since July 2018. In accordance with section 86A of the Consumer Credit Act 1974, Funders are required to include a copy of the relevant information sheet when notifying a regulated customer that they are in arrears or default.

The sheets have been updated to provide more targeted and useful help to customers, especially those with mental wellbeing issues. The information sheets relating to both Arrears and Default have both been revised.

These will come into force on 25 October 2021 in accordance with section 86A(7) of the Act which states that new versions of these sheets take effect three months after publication.  Firms must use the current versions of the information sheets until 24 October 2021.

If you don’t issue the correct version of the information sheet, then there is a risk that your default notice or NOSIA may be considered defective.

The new (and current) information sheets can be found on the FCA website at:

https://www.fca.org.uk/firms/information-sheets-consumer-credit