The Consumer Credit (Amendment) (EU Exit) Regulations 2018
S.I. 2018/1038 · Made 27 September 2018 · Extends to United Kingdom
Exiting The European Union
Financial Services
Consumer Credit
Sift requirements satisfied 5th September 2018
Made 27th September 2018
Laid before Parliament 28th September 2018
Coming into force in accordance with regulation 1(2)
M1The requirements of paragraph 3(2) of Schedule 7 to the European Union (Withdrawal) Act 2018 (relating to the appropriate Parliamentary procedure for these Regulations) have been satisfied.
The Treasury make the following Regulations in exercise of the powers conferred by section 8(1) of that Act.C1
Annotations to the whole text
Marginal citations
- M1
Modifications
- C1
Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)
Contents
- 1Citation and commencement
- 2The Consumer Credit Act 1974
- 3The Consumer Credit (Disclosure of Information) Regulations 2010
- 4The Consumer Credit (Green Deal) Regulations 2012
- 5The Financial Services Act 2012 (Consumer Credit) Order 2013
- 6Transitional provisions
- Signature
- Explanatory note
1Citation and commencementI1
These Regulations may be cited as the Consumer Credit (Amendment) (EU Exit) Regulations 2018.
These Regulations come into force on exit day.
2The Consumer Credit Act 1974I1
The Consumer Credit Act 1974 M1 is amended as follows.
In section 98A (termination etc. of open-end consumer credit agreements) M2, in subsection (5)(a), for “an EU obligation” substitute “ a retained EU obligation ”.
In section 157 (duty to disclose name etc. of agency), in subsection (2A)(b) M3, for “any EU obligation” substitute “ a retained EU obligation ”.
3The Consumer Credit (Disclosure of Information) Regulations 2010I1
The Consumer Credit (Disclosure of Information) Regulations 2010 M1 are amended as follows.
In regulation 11(1)(a) omit “European Consumer Credit Information”.
In Schedule 1—
omit “(Standard European Consumer Credit Information)” after the Schedule heading;
in table 5, in section (a) of the table, in the first column, in the entry commencing “The creditor's representative”, for “your Member State of residence” substitute “ the United Kingdom ”.
In Schedule 3—
for the heading substitute “ Pre-contract Consumer Credit Information (Overdrafts) ”;
in table 5, in section (a) of the table, in the first column, in the entry commencing “The creditor's representative”, for “[the UK] [your Member State of residence]” substitute “ the UK ”.
4The Consumer Credit (Green Deal) Regulations 2012I1
In regulation 2 of the Consumer Credit (Green Deal) Regulations 2012 M1, in the definition of “replacement interest”, omit “, further to the third paragraph of Article 16(4)(b) of Directive 2008/48/EC of the European Parliament and of the Council on credit agreements for consumers,”.
5The Financial Services Act 2012 (Consumer Credit) Order 2013I1
In Article 3 of the Financial Services Act 2012 (Consumer Credit) Order 2013 M1, omit paragraph (6).
6Transitional provisionsF1
For a period of five months beginning on IP completion day the Consumer Credit (Disclosure of Information) Regulations 2010 (“the 2010 Regulations”), as amended by regulation 3 of these Regulations, are subject to the modifications specified in this regulation.
Information is, for the purposes of regulation 8(1), to be treated as being disclosed by means of the form contained in Schedule 1 where the information is disclosed in the form specified in Schedule 1 to the 2010 Regulations with the modifications specified in paragraph (4).
The right conferred by regulation 9(2) is to be construed accordingly.
The modifications referred to in paragraph (2) are that—
the form has at the beginning as a heading “(Standard European Consumer Credit Information)”; and
in table 5, in section (a), in the first column, in the entry commencing “The creditor's representative” for “the United Kingdom” substitute “ your Member State of residence ”.
Information is, for the purposes of regulation 11(1)(a), to be treated as being disclosed by means of the form set out in Schedule 3 where disclosure is made by means of the form set out in Schedule 3 to the 2010 Regulations with the following modification.
This modification is that in table 5, in section (a), in the first column, in the entry commencing “The creditor's representative” for “the UK” substitute “ [the UK] [your Member State of residence] ”.
Signature
Rebecca Harris
Paul Maynard
Two of the Lords Commissioners of Her Majesty's Treasury
Explanatory note
(This note is not part of the Regulations)
These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies referred to in paragraphs (c) and (g) of section 8(2)). They amend the Consumer Credit Act 1974, the Consumer Credit (Disclosure of Information) Regulations 2010, the Consumer Credit (Green Deal) Regulations 2012 and the Financial Services Act 2012 (Consumer Credit) Order 2013.
An impact assessment of the effect that this instrument, and other instruments made by HM Treasury under the European Union (Withdrawal) Act 2018 at or about the same time, will have on the costs of business, the voluntary sector and the public sector is available from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is published alongside this instrument at www.legislation.gov.uk.