Regulatory Alerts2008-06-05
Addendum to the 2006 Consumer Protection Code Dated May 2008
The Financial Regulator issued this addendum to extend the Consumer Protection Code to retail credit firms and home reversion firms effective 1 February 2008. The document amends the Code's scope, definitions, and specific chapters to include these entities and introduces mandatory warnings for equity release products and interest-only mortgages. It requires regulated entities to disclose total costs, advise on independent legal counsel, and display specific risk warnings in all advertising and documentation.
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