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FCA Consultation on Unfair Terms
On 17 May 2018, the FCA launched a consultation on proposed guidance on variation terms under unfair terms legislation (GC18/2).The consultation follows the previous withdrawal of historic unfair terms guidance following the introduction of the Consumer Rights Act 2015.
The proposed guidance outlines factors financial services firms should consider under the Consumer Rights Act 2015 (CRA) when drafting and reviewing variation terms in their consumer contracts.
The draft guidance outlines a number of non-exhaustive areas the FCA believes firms should have regard to when drafting and reviewing variation terms. These include and are not limited to the following:
Read More -> FCA Consultation on Unfair Terms
https://www.fca.org.uk/publications/...ights-act-2015
More...
The proposed guidance outlines factors financial services firms should consider under the Consumer Rights Act 2015 (CRA) when drafting and reviewing variation terms in their consumer contracts.
The draft guidance outlines a number of non-exhaustive areas the FCA believes firms should have regard to when drafting and reviewing variation terms. These include and are not limited to the following:
- The validity of the reason(s) for using the variation term
- The transparency of the variation term
- Provision for notice in the variation term
- Provision for the freedom to exit the contract should a consumer not wish to accept the variation
Read More -> FCA Consultation on Unfair Terms
https://www.fca.org.uk/publications/...ights-act-2015
More...
