Paragraph 15 Variable rate credits
Where the contract provides for variable rate credit, the creditor must—
(a)
make any indexes or reference rates used to calculate the borrowing rate clear, accessible, objective and verifiable by the borrower and the FCA; and
(b)
maintain historical records of indexes used by the creditor for calculating the borrowing rates.
Notes on the whole SI
Textual amendments
- F1
Order revoked (14.12.2023 for the revocation of art. 33) 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)(xiii)