Regulatory Alerts2018-05-16
Added · Updated
FG18/7: Final guidance on fairness of variation terms in financial services consumer contracts
The FCA issued final guidance outlining factors financial services firms must consider under the Consumer Rights Act 2015 when drafting and reviewing variation terms in consumer contracts. The guidance specifies non-exhaustive areas for consideration, including the validity of reasons for using variation terms, the transparency of those terms, provisions for notice, and the freedom to exit the contract if a consumer does not wish to accept the variation. This document applies to financial services firms, trade associations, consumers, and consumer representatives.
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