CONC 6.5 Assignment of rights

Application

CONC 6.5.1R

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

Notice of assignment

CONC 6.5.2R
  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]