From homes and cars to holidays and gifts, effective financing helps people achieve their goals. But let’s face it, managing money can be a big worry. Financial institutions are a steady hand to guide consumers through the maze, but a misstep by your firm can spell trouble. Not just for your customers, but also for your business, leading to serious consequences and potential regulatory enforcement action and litigation.
You can’t afford to miss a beat with the ever-changing laws and regulatory expectations. We make sure your documentation, disclosures, and processes stick to the rules, so you fully grasp the risks of being authorised. Knowing what’s regulated and how those regulations impact you is crucial to blocking any costly own goals.
Your team
Your consumer finance team
Consumer finance comes in many shapes and sizes, and some rules can catch you off guard. Our experienced team has you covered. We'll be your eyes and ears, providing well-rounded advice from lawyers who truly understand your business and think holistically to make sure you always see the full picture.
Our consumer finance lawyers work with specialists in employment, data and privacy, digital and technology, tax, financial crime prevention, and dispute resolution to give you everything you need.
If you’re as unashamedly into the details of consumer finance regulation as we are, then you’ve come to the right place. Here's a snapshot of where our combined experience can help you, whether you’re a long-standing authorised firm or trying to minimise the impact of regulation on your business:
The regulatory perimeter for secured and unsecured lending as well as consumer hire
FCA permissions for lending and credit broking – whether it's your main business or a small part of your main business
FCA registrations for exempt lending
How to use exemptions – because they have to be used properly!
Compliance with FCA Rules, including the SMCR, the Consumer Duty, and relevant conduct of business rules
Drafting of loan agreements
The customer journey – including financial promotions, pre-contract documents, through to signing up to the agreement, variations, defaults, and ending the agreement
Distribution arrangements – whether you're the lender or the broker
The appointed representatives regime
Knowing your customer and other financial crime prevention requirements
Dealing with the regulators.
In need of a consumer finance lawyer? Look no further.
At Womble Bond Dickinson we have an exceptional team of talented lawyers and business professionals who can offer guidance and find the solutions right for your business. We have both broad and niche expertise across all our UK and US offices.
A motor dealership, fully reviewing its regulatory permissions, policies, and procedures, assessing the impact of FCA requirements to produce clear and user-friendly guidance for employees
Credit unions on drafting various forms of regulated credit agreement
A variety of employee share ownership schemes helping to prepare loan documentation in line with FCA Rules and providing training to staff
Many employer clients on the complex rules governing a range of employee lending schemes including season ticket loans, hardship payments, and salary drawdown arrangements
An overseas private banking client to prepare a full suite of regulated mortgage documentation
An application for variation of permission to include regulated mortgage lending for a bank, guiding the client through regulatory expectations and liaison with the PRA and FCA.
Testimonials
"Knowledgeable team which understands timeliness and urgency when needed, exceptional and informative with a broad understanding of our industry."
Legal 500, 2023
"Timeliness, organised and prompt in their dealings."
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