On 5 June 2015, as part of its Quarterly Consultation, the Financial Conduct Authority (FCA) proposed amendments to existing FCA rules and guidance. The proposed amendments reflect changes which will be introduced as a consequence of the Consumer Rights Act 2015, which comes into force with effect from 1 October 2015.
The proposed changes include:
- minor amendments to various business standards sourcebooks, specialist sourcebooks and a regulatory process manual in relation to the Consumer Rights Act; and
- amendments to the Enforcement Guide (EG) and the Unfair Contract Terms Regulatory Guide (UNFCOG) to reflect the Consumer Rights Act.
The proposed amendments, which are listed in Appendix 5 to the Quarterly Consultation, reflect the new provisions around unfair terms and notices, enforcement of the law on unfair contract terms and notices, and investigatory powers.
The consultation is due to close on 5 July 2015. The ‘Quarterly Consultation’ document, which sets out the FCA’s proposed amendments, can be found here.