News Details

29 Mar, 2007

Financial Ombudsman Service and the Consumer Credit Act 2006

Businesses with a consumer credit licence already come under the FOS ‘compulsory’ jurisdiction where they are  also regulated by Financial Services Authority (FSA).

The rules governing existing compulsory jurisdiction have been amended include consumer credit activities from 6 April 2007. After this date, all standard consumer credit licence holders will be required to comply with the FSA DISP rules. 

 

The Financial Ombudsman Service have also updated the "your complaint and the ombudsman" leaflet to cover the Consumer Credit Act 2006 requirements. 

 

Copies of which may be obtained from FOS - 0845 080 1800

 

The new rules mean that FOS will be able to look at disputes involving businesses

with a consumer credit licence in areas relating to consumer credit and hire, credit

brokerage, debt adjusting, debt counselling, debt collecting and the operation of a credit

reference agency.

 

The other consumer credit categories (such as debt administration and provision of credit

information services) will be added to the FOS remit from 6 October 2008.

 

It should be noted that FOS will not be able to look at consumer credit complaints

relating to events that took place before 6 April 2007.

 

 

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