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Financial services regulation

We provide expert advice on regulatory issues concerning retail financial service providers, particularly in relation to consumer finance.

With stand out capability in consumer credit, we have extensive experience of the full range of credit products and services; credit cards, secured and unsecured loans, overdrafts and regulated mortgage contracts. We also advise on other retail products, for example pre-paid cards and e-money, current accounts, savings accounts and payment services.

Clients include every type of business operating in the consumer finance space. Companies we regularly work with are prime and sub-prime lenders, credit card issuers, credit brokers, debt collection agencies, debt purchasers and debt management companies.

For companies entering the consumer finance market, or those moving into new areas, we provide guidance authorisation and approved persons applications and other interactions with regulators, including Principle 11 notifications, responding to requests for information and enforcement. We're experts on the compliant development of products and regularly draft customer facing documentation for our clients.

For lenders, brokers and agencies that are undergoing significant business changes, we look after the regulatory aspects of corporate transactions and portfolios acquisitions. We also advise on complex projects, such as migrating accounts between systems. Other issues we advise on include financial promotions and advertising; TCC and code compliance.

We advise on termination and early settlement requirements; arrears and collections issues; and post-contractual issues including variations, statements and Notices of Sums in Arrears. We also support our clients by advising on:

  • regulatory aspects of corporate transactions and portfolios acquisitions;
  • projects migrating accounts between systems;
  • financial promotions and advertising compliance including marketing channels, representative APR and representative example issues, outsourced copy clearance service;
  • customer facing documentation including agreements, customer letters and collections letters;
  • TCC issues;
  • code compliance issues;
  • new product development; working with internal legal and business colleagues to assist in the compliant development of products from inception through to account management;
  • termination and early settlement requirements;
  • arrears and collections issues;
  • post-contractual issues including variations, statements and Notices of Sums in Arrears;
  • carrying out business compliance reviews and audits, as well as advising no change implementation; and
  • authorisation and approved persons applications and other interactions with regulators including Principle 11 notifications, responding to requests for information and enforcement.

We have strength and depth in the team; a number of individuals have worked for regulators. This gives us a unique perspective on the environment in which our clients operate, and how the regulator might see a particular issue.

One of the specific services where our  experience comes into play is in carrying out business compliance reviews and audits, as well as advising on change implementation. We have a genuine focus on retail products and, as technicians in this field, we know the law well.

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