This eLearning course provides a practical introduction to the Consumer Credit Act, the principal legislation governing consumer credit in the UK. The Act sets out important protections for consumers entering into credit agreements, and firms offering consumer credit products must understand and comply with its requirements.
The course begins with the background and purpose of the Act, explaining why consumer credit regulation exists and the framework it creates for protecting borrowers. It then examines the rules governing credit lending, including how credit agreements must be formed, the key terms that must be addressed, and the protections that apply to consumers.
Learners are guided through the information requirements that apply at different stages of the credit relationship. The pre-contract information section explains what must be disclosed to a borrower before an agreement is made so they can make an informed decision, while the post-contract section covers the ongoing information and statements that must be provided during the life of an agreement.
The training addresses the importance of debt advice and how firms should signpost customers who are experiencing financial difficulty. It then covers what happens when things go wrong, including default and termination of agreements, the rights of consumers, and how complaints and disputes are resolved.
Finally, the course provides an overview of the financial crime risks associated with consumer credit activity, including fraud and money laundering, and the controls firms must have in place. Upon completion, learners will understand the key requirements of the Consumer Credit Act and how to apply them in their day-to-day roles.
