Regulatory Alerts2018-01-01
Financial Services (Disclosure Requirements for Credit Products) Directive 2018
Issued by the Registrar of Financial Institutions, this Directive mandates lending institutions to provide standardized Key Facts Statements detailing credit terms, costs, and risks prior to contract execution. It establishes minimum disclosure content, form and timing requirements including a ten-day cooling-off period, and assigns board-level oversight for compliance. The framework enforces adherence through monetary and administrative penalties, with specific liability provisions for institutions that breach disclosure obligations and cause consumer harm.
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