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Clarity offered amid Consumer Credit Act complexity

07 August 2008

Shoosmiths is to help guide its clients through the complexities of the Consumer Credit Act 2006.

The national law firm is hosting a series of free-to-attend breakfast seminars for its lender clients as they prepare for the 1 October introduction of the Act, which will affect all lenders.

It will require lenders to produce fixed sum credit agreement annual statements, arrears notices, default sums notices and post-judgment interest notices, along with numerous changes to running account statements.

It is estimated that the industry will spend a total £500m adapting its IT systems in order to comply with the new requirements.

Shoosmiths’ seminars will cover key points from the Act and the impact on clients’ businesses, including whether their IT systems are ready, whether staff are trained, and the impact on collection and litigation procedures.

Partner and head of asset finance Joanne Davis said: “We want to ensure that our lender clients are compliant with the new Act, that they are ready for the 1 October statement and default protection requirements, and help clarify the complexity of the regulations.” 

“The seminars are intended to be practical sessions, during which or consumer credit specialists will bring their commercial interpretation to the Act and the new regulations, and explain what they will mean for client’s businesses.”

The Consumer Credit Act 2006 has been one of the biggest overhauls of consumer legislation since 1974, and over the past two years it has been introduced in piecemeal. So far we have seen:
• introduction of Unfair Relationships
• changes to Consumer Credit Licensing
• introduction of new business and high net worth exemptions
• Financial Ombudsman Service now covers consumer credit disputes
• definition of individual revised

The seminars all start at 8am, and take place at Shoosmiths’ offices at:
• The Lakes, Northampton – Monday, 8 September
• Waterfront House, Nottingham – Tuesday, 9 September
• 125 Colmore Row, Birmingham – Thursday, 11 September
• Apex Plaza, Reading – Wednesday, 17 September

If you are a lender and would like to attend, please contact Kim Remington on 08700 863390 or at kim.remington@shoosmiths.co.uk

For further information please contact:
Name: Alastair Gray
Phone: 08700 864096
Email: Alastair.Gray@shoosmiths.co.uk

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