News
OFT issues irresponsible lending guidance
12 April 2010
On 31st March 2010 The Office of Fair Trading published guidance on irresponsible lending, the element of the test of fitness to hold a credit licence.
The guidance provides clarity for creditors and individuals about the types of behaviour that the OFT considers may represent irresponsible lending practices under the Consumer Credit Act. The guidance covers each stage of the lending process, from advertising and pre-contract information through to the handling of arrears and defaults on credit agreements.
