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The 2006 reforms to the Consumer Credit Act 1974 includes a new provision, section 25(2B), which makes it explicit that amongst the business practices which the OFT may consider to be deceitful or oppressive or otherwise unfair or improper, for the purposes of considering fitness to hold a consumer credit licence, are practices that appear to the OFT to involve ‘irresponsible lending’. This provision came into effect on 6 April 2008.

On the 30 July 2009 the OFT launched a consultation on draft guidance setting out practices the OFT considers constitute irresponsible lending.

The proposed guidance clarifies minimum standards required from businesses engaged in lending which, if breached, could lead to the OFT taking enforcement action against lenders.

The draft guidance identifies types of policies and procedures that the OFT would expect lenders to put into practice and covers each stage of the lending process and a range of potential issues in a credit transaction including advertising, account management and handling arrears.

At the time of this Training Events Programme, the publication of the final guidance is pending therefore the contents of this course may vary.

COURSE AIMS
The course aims to further the CCTA commitment to its members and other interested parties by keeping them well informed of the regulatory guidance in relation to ‘irresponsible lending’

COURSE DELIVERY AND MATERIAL USED
The subject matter of the course will be delivered in plain and intelligible language by way of lecture combined with the opportunity for delegate participation, interaction and questions. The course material is thorough yet concise, will be worked through and may be used as a source of reference for use afterwards.

INTENDED LEARNING AND OUTCOMES
The course aims to provide delegates with a clear and practical understanding of the regulatory guidance and will provide possible safeguards for Creditors to avoid ‘irresponsible lending’ challenges.

COURSE CONTENT
The course will cover the details of the regulatory guidance which includes, but is not limited to:
•Ensuring all key information provided to prospective borrowers is clear and easily understandable and properly explained to them
•Assessing a prospective borrower’s ability, in the context of their overall financial circumstances, to afford to meet repayments in a sustainable manner
•Dealing with borrowers in default or arrears in a fair and proportionate manner, seeking to repossess a borrower’s property only as a last resort.

The course will also deal with some specific practices that the OFT considers to constitute irresponsible lending.

WHO SHOULD ATTEND
The subject matter of the training course, delivered in plain and intelligible language, is designed to meet the needs of both the Legal Practitioner and Creditor alike and will prove invaluable to people at all levels within the Consumer Credit Industry.

HOW TO RESERVE YOUR PLACE (S)
This particular course has generated considerable interest therefore early reservations are recommended using the reservation form below.


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