Regulation 57 Amendments to the Consumer Credit (Disclosure of Information) Regulations 2010I1

(1)

The Consumer Credit (Disclosure of Information) Regulations 2010 M1 are amended as follows.

(2)

In regulation 3(4)—

(a)

in paragraph (u)(ii) omit “and”;

(b)

in paragraph (v) omit “.” and insert “ , and ”;

(c)

after paragraph (v) insert—

“(w)
where the agreement references a benchmark, as defined in point 3 of Article 3(1) of Regulation EU 2016/1011 M2 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC M3 and 2014/17/EU M4 and Regulation (EU) No 596/2014 M5, the name of the benchmark and of its administrator and the potential implications on the debtor.”.

(3)

In regulation 4(2)(b), for “and (j)” substitute “ , (j) and (w) ”.

(4)

In regulation 8, after paragraph (5) insert—

“(6)
Where a consumer credit agreement references a benchmark, the name of the benchmark and of its administrator and the potential implications for the debtor shall be provided by the creditor, or where applicable, by the credit intermediary, to the debtor in a separate document, which may be annexed to the form in Schedule 1.”.

Annotations

Marginal citations

M1: S.I. 2010/1013.
M2: OJ No L171 29.06.2016, p.1.
M3: OJ No. L133, 22.05.2008, p.66.
M4: OJ No. L60, 28.02.2014, p.34.
M5: OJ No. L173, 12.06.2014, p.1.

Commencement

I1: Reg. 57 in force at 1.7.2018 by S.I. 2018/135, reg. 1(2)(a)

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 68) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xxi)