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Consumer credit

At Browne Jacobson, our multi-disciplinary team acts for lenders, brokers, merchants and other credit intermediaries. We work collaboratively and closely with compliance and legal and risk teams on customer-facing issues.  

We stand out for the ways in which we advise on the scope and effects of the regulatory regime. This includes financial promotions, applications for authorisation, exemptions, and activities excluded from the regime.   

Our in-depth knowledge of the sector means our work is varied. Clients include debt adjusters, administrators, collectors and counsellors, established institutions and participants as well as  newcomers to FS markets.  

With a great understanding of distribution networks being an essential feature of the consumer credit market, we have extensive experience in advising on introducer and appointed representative arrangements, including governance and risk management systems and controls, such as training and reporting. 

We are skilled at making the impossible possible. For reporting and broader operational activity, IT, data and digital issues are vital in consumer credit.  

Putting our expertise into play, we’ve successfully advised on the negotiation of IT and payment service contracts embedded in distribution agreements. We also help you troubleshoot, on the regulatory issues to which they can give rise, such as credit information and references, and account information services. 

Working with you to reduce the unexpected, our risk management work includes advising on merchant terms and merchant acquirer activities, especially their interaction with equipment hire and related service agreements. 

Featured experience

A business environment services group

Helped our client manage its legal and regulatory risk exposure following the discovery that a number of legacy subsidiaries it had acquired had been unwittingly supplying credit to small businesses that fell within the category of ‘relevant recipient of credit’ under regulatory rules.    

This situation raised the risk of a breach of the ‘general prohibition under FS legislation, potentially enforceable through a range of civil and even criminal liability.  We advised the client through an internal investigation and regulatory disclosure exercise, enabling the business to take corrective action without adverse consequences for its operations. 

A leading consumer goods business

Advised on a strategic project to distribute, as an appointed representative, credit products alongside sales of goods. This was a significant new departure for the client and other associated businesses and involved extensive work on policies and procedures, including contractual governance and IT systems and controls, and customer-facing documents. 

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