CONC 2.9 Prohibition of unsolicited credit tokens
Application
Prohibition
- (1)
A firm must not give a person a credit token if he has not asked for it.
[Note: section 51 of CCA]
- (2)
A request in (1) must be in a document signed by the person making the request, unless the credit-token agreement is a small borrower-lender-supplier agreement.
- (3)
Paragraph (1) does not apply to the giving of a credit token to a person:
- (a)
for use under a credit-token agreement already made; or
- (b)
in renewal or replacement of a credit token previously accepted by that person under a credit-token agreement which continues in force, whether or not varied.
- (a)
Section 51 of the CCA was repealed by article 20(15) of the Financial Services and Markets Act 2000 (Regulated Activities)(Amendment)(No 2) Order 2013 (SI 2013/1881). However, section 51 is saved for the purposes of regulation 52 of the Payment Services Regulations, the effect being that the section continues to apply in relation to a regulated credit agreement in place of regulation 58(1)(b) of the Payment Services Regulations.