January and July this year saw two new rules to which any dealer who has a credit licence will need to adhere.
The first new rule came in on 2 January 2015 when the FCA introduced a ban on credit brokers charging a fee to customers who had not been given certain information as required under CONC (Consumer Credit sourcebook) 4.4.3R. Dealers should ensure they provide any customer with an Information Notice with all the required information and ensure that the customer signs the Notice so there can be no argument that the customer was unaware of the fee. See CONC 4.4 for more information:
https://www.handbook.fca.org.uk/handbook/CONC/4/4.html
The second rule came in on 9 July 2015 and is part of the new Alternative Dispute Resolution (ADR) Rules. As you will be aware from a previous update (The new Alternative Dispute Resolutions (ADR) Rules) the introduction of ADR rules for consumer issues was put back until 1 October 2015 (same day as the new Consumer Rights Act comes into force). However, if you are FCA regulated either as a broker or a lender, you must comply with the new DISP (Dispute Resolution: Complaints sourcebook) Rules and among other things, have the Financial Ombudsman Service (FOS) website linked on your site so that customers know they can complain to them in regard to your brokering or lending activities. See DISP 1.2 for more information:
https://www.handbook.fca.org.uk/handbook/DISP/1/2.html

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