Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

CONC 6.5 Assignment of rights

Application

CONC 6.5.1RRP

This section applies to a firm with respect to consumer credit lending.

Notice of assignment

CONC 6.5.2RRP
  1. (1)

    Where rights of a lender under a regulated credit agreement are assigned to a firm, that firm must arrange for notice of the assignment to be given to the customer:

    1. (a)

      as soon as reasonably possible; or

    2. (b)

      if, after the assignment, the arrangements for servicing the credit under the agreement do not change as far as the customer is concerned, on or before the first occasion they do.

      [Note: section 82A of CCA]

  2. (2)

    Paragraph (1) does not apply to an agreement secured on land.

  3. (3)

    A firm may assign the rights of a lender under a regulated credit agreement to a third party only if:

    1. (a)

      the third party is a firm; or

    2. (b)

      where the third party does not require authorisation, the firm has an agreement with the third party which requires the third party to arrange for a notice of assignment in accordance with (1).

    [Note: article 17 of the Consumer Credit Directive]