On 22 December, the FCA announced that it had withdrawn the updated versions of the consumer credit information sheets in relation to arrears and default notices that were due to be used by firms from 18 January 2017. This is because of an error in the production of the new information sheets. New corrected versions are expected to be published shortly, with a new effective date.
Firms who have already started to re-print their information sheets (required by s 86A of the CCA) to meet the Jan 18 deadline will now need to suspend this activity until the new versions are published. They must continue to use the current versions and not those which would have become effective from 18 January.
Information sheets are intended to help consumers by telling them about their rights and responsibilities and where they can get help. The correct information sheet must be included with arrears and default notices and a failure to comply means firms cannot charge interest or default sums or take steps to enforce the credit agreement.